Progress at TCS as it considers development opportunities
TOWN Centre Securities today said it was continuing to explore development opportunities in Leeds and Manchester.
The Leeds-based property development and investment group said it was potentially looking at bringing its Whitehall Road site in Leeds forward as well as continuing to look at opportunities at Piccadilly Basin in Manchester.
Town Centre Securities, the owner of the Merrion Centre in Leeds, has also submitted a detailed planning application for its proposed Waitrose store development at Milngavie outside Glasgow.
Commenting on the period from July 1 to November 14, chairman Edward Ziff said: “We have made further progress during the period including our two acquisitions which provide opportunities for future growth.
“I am pleased that we have maintained high occupancy levels in a very competitive market place reflecting our investment in major cities. The current economic environment remains uncertain and our view remains cautious.”
TCS acquired two investment properties – 6/7 Park Row, Leeds, occupied by Lloyds TSB Bank and 880 Harrogate Road, Bradford occupied by Barratts Trading – for £9.4m over the period.
The group said its investment portfolio had performed in line with expectations and its car park division had “performed well”.
The company has seen net debt increase to £152.9m,
“We are seeking further opportunities to improve our property portfolio and car parking business through acquisitions where we can create value,” the group added.
