Chris Oglesby said the group, which has a majority stake in Manchester Science Partnerships, been boosted by growing economic strength of the regions in which it operates.

In the year to 30 September 2014, Bruntwood said its profit before tax rose by 56 per cent to £19.3m, with its net worth up by a quarter to £358m. Total debt from £590m to £440m and the company agreed a new £300m banking facility at the end of 2014.

“The fact that we continued to invest in our portfolio during the economic downturn has positioned us well to fulfil the uptake in demand that we’ve seen across all of our markets as the economy has recovered and the focus has shifted to the major city regions as engines of growth,” said Oglesby.

During the year, Bruntwood completed the redevelopment of Manchester One, previously known as Portland Tower, and purchased the 1.7 million sq ft Alderley Park life sciences site in Cheshire. It also sold Manchester’s City Tower for £135m.

In 2015 the group said it has a development pipeline of more than two million sq ft, including at Alderley Park, 3 Sovereign Square and City House in Leeds, Cornerblock in Manchester, and 2 Cornwall Street in Birmingham.

Oglesby said: “We have always aligned our business with the strategic direction of the economies in which we operate. Political initiatives such as the Northern Powerhouse and further regional devolution are good for the future of our cities and therefore good for our business as well.

“It’s our opinion that with the strength of our occupational markets coupled with long term gilt rates at an all-time low of 1.5 per cent, we are likely to see significant further growth in commercial property values in our markets.”