TCS "well placed" to take advantage of early signs of economic improvement

TOWN Centre Securities (TCS) says it is well placed to take advantage of the early signs of economic improvement.

In an interim management statement covering the period from January 1 2014 to May 16 2014, the Leeds-based property investor/developer and car park operator, said its operations are performing well and in line with the board’s expectations. It said the company is progressing a number of development opportunities at the Merrion Centre and Whitehall Riverside in Leeds, in Glasgow and elsewhere. Portfolio occupancy is 97.2%.

The group said its investments in Leeds, Manchester, Edinburgh and Glasgow remain well let. At the Merrion Centre, which is celebrating its 50th anniversary this year, the firm said it has made further lettings since the half year as part of the New Front redevelopment, to Bulgogi Grill, Jones Bar and the Proper Sandwich Company. This leaves only two units available.

Work has commenced on the car park refurbishment due for completion before Christmas 2014 and TCS said it has made good progress on the Merrion House project; the contractor tender process is underway and it hopes to secure planning consent by the end of June.

The group added that it is continuing to seek tenant interest in the hotel and office developments at Whitehall Road Leeds.

Chairman Edward Ziff said: “Town Centre Securities is well placed to take advantage of the early signs of economic improvement.  Our activity levels are high in our property management and development and we are now starting the expansion of the car park business.”