Leeds property firm Town Centre Securities enjoys ‘stable and secure’ six months

Property developer Town Centre Securities (TCS) saw an increase in occupancy level and like-for-like passing rent in a “stable and secure” first six months.

Wednesday, 22nd January 2020, 7:50 am
Edward Ziff, chairman and chief executive of Town Centre Securities at his office in the Merrion Centre, Leeds.

Leeds-based TCS, which owns the Merrion Centre, saw occupancy level increase to 96.7 per cent in the half-year ended December 31, 2019, from 95.8 per cent in June 2019.
Like-for-like passing rent was up by 0.4 per cent underlying, excluding two of its redevelopment projects.
The property developer said its redevelopment in Milngavie is now fully occupied and income producing, delivering £600,000 of annual income.
TCS added that its redevelopment of The Cube in Leeds is now underway, temporarily reducing income by £1.2m on an annualised basis.
Edward Ziff, chairman and chief executive, said: “Once again our diversified regional portfolio and high quality tenant mix have ensured a stable and secure first six months of the year.
“Underlying rent continues to grow, with reductions largely being planned, strategic and for long term gain.
“We remain confident about our future direction, highlighted by our continued investment in our existing properties and progress in our development pipeline.
“We continue to explore opportunities to dispose of further retail assets, but will only do so for the right deal.
“This is our sixtieth year, and I am proud that our conservative approach combined with our local expertise and strong asset management skills continue to ensure we deliver for our shareholders over the long term.”
Footfall at the Merrion was 11.2m over the 12 month period. This was marginally up year-on-year.
The final ten weeks of the year however was particularly strong, with footfall up 6.7 per cent on the prior year, TCS said.

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