Property developer Town Centre Securities said the refurbishment and extension works of its flagship Merrion House building in Leeds has been completed.
The Merrion House milestone completes TCS’s £70m, ten-year development and improvement project for its largest single asset, the Merrion Centre, of which Merrion House forms a part. The project has also been TCS’s largest development scheme and one of the largest ever pre-lets in Leeds.
The building is jointly owned by TCS and Leeds City Council under a unique long-term partnership and represents one of the biggest public and private sector partnerships agreed in recent years.
With 170,000 sq ft of office space, Merrion House will be the main city centre office base for Leeds City Council, housing over 2,100 staff when it is fully occupied later this year.
Chairman and chief executive of TCS Edward Ziff said: "The redevelopment of Merrion House and public-private partnership approach between Leeds City Council and Town Centre Securities has been hugely successful and we are proud to be assisting the council as it evolves its services and delivers significant operational cost savings.
"Merrion House forms a key part of our multi-million-pound investment and regeneration of the Merrion Centre and the wider Arena Quarter."
Analyst Kieran Lee at Liberum said: "This completion represents the last significant project in the £70m redevelopment of the Merrion Centre in Leeds town centre which has seen the anchor Morrisons superstore extended, the introduction of new leisure units fronting the Leeds Arena, a new Ibis Styles hotel and a complete refurbishment of the car parking facilities.
"Town Centre Securities offers exposure to the fast-growing Manchester and Leeds markets together with significant development optionality at its large Whitehall Riverside and Manchester Piccadilly development sites, together capable of facilitating more than one million sq ft of new office/ private rented sector space."
TCS reported good progress in its financial half year ended December 31 and strong trading at its Merrion shopping centre.
The Leeds-based firm said that over the past few months it has undertaken more asset disposals and been appointed development and joint venture partner with Leeds City Council in a key new scheme.
TCS has been selected by the council to develop a major new scheme in George Street, Leeds that will deliver a 117-unit aparthotel with a further nine commercial units.
The firm said it had continued to make good progress in the on-going strengthening and improvement of its portfolio and in the CitiPark car parking operation.
Its ibis Styles hotel in Leeds, which opened in April 2017 and is operated under a management agreement, has performed strongly in its first nine months of trading, the company said.
At the Merrion Centre, TSC has increased the total available space, bringing in new retail brands and becoming a key component of the newly-created Arena Quarter surrounding the First Direct Arena.