TOWN Centre Securities (TCS) is holding detailed talks about plans to create a 128 bedroom Premier Inn hotel in the heart of Leeds.
TCS is bullish about prospects for the proposed development in Whitehall Riverside, which is undergoing a renaissance.
The company, which is chaired by Edward Ziff, said it had made good progress with its enhancements to the Merrion Centre in Leeds.
Earlier this year, it was revealed that Marco Pierre White was set to make a return to his home city with the launch of a new restaurant bearing his name. The celebrity chef’s New York Italian restaurant is due to open in the Merrion Centre in December next year.
Edward Ziff, the chairman and chief executive, said: “Retail valuations have continued to rise in the regions and we expect this to continue as the economic backdrop continues to improve.
“The letting market remains competitive but we continue to find opportunities to increase income in all areas of our portfolio and over the next couple of years our income will benefit from the transactions we have already concluded.
“This is particularly so in the Merrion Centre where the Merrion House deal is now underway.
“We intend to increase portfolio sales and purchase activity this year.”
Mr Ziff told the Yorkshire Evening Post it was crucial that Leeds fought its corner in the debate over the proposed HS2 high speed rail line between Yorkshire and London.
In the year ended June 30 2015, the property investment and car parking company recorded an underlying profit before tax of £6.5m, compared with £7.6m the year before, while net assets per share rose by 11.7 per cent to 344p.