TOWN Centre Securities reported a strong pick-up in the regional property market as investors look for better returns outside the over-heated London market.
The Leeds-based firm said underlying pre-tax profits rose five per cent to £4.0m in the six months to December 31.
Chairman and chief executive Edward Ziff said: “There has been a definite pick up in the regional property market.
The money was in the M25, but now foreign buyers have moved in so the institutional market is looking at Leeds, Manchester, Edinburgh and Glasgow.
“Our policy of investing in these four places has held us in good stead. We’re beginning to see values recognised again.”
Talking about the Yorkshire market, he said that Leeds and Sheffield look the strongest.
At the Merrion Centre the company said that new retail and leisure units are progressing well with over 70 per cent let or exchanged.
It has nearly completed the nine retail and leisure units on Merrion Way. It said that Pure Gym and Costa are open and trading well, and Cosmo will shortly start its fit out and hopes to be open in the autumn.
Leases have been exchanged on two further units.
Work is to start on the refurbishment of the Merrion Centre multi-storey car park to create a modern, state of the art facility.