TCS hopeful of double Piccadilly Basin deal

PROPERTY development company Town Centre Securities is hopeful of having two new retailers in place at its Piccadilly Basin site in Manchester before Christmas.

Edward Ziff, chairman of the Yorkshire group told TheBusinessDesk that two deals with “interesting retailers” are in solicitors’ hands, but not yet signed.

“Both we think are significant attractions in terms of footfall… Nothing is certain in this day and age, but I am hopeful they will both be in by Christmas.”

If these deals go through as hoped, TCS would be left with a basement space – which it would like to let to a leisure and fitness operator – and 15,000sq ft on the ground floor.

Mr Ziff said discount grocer Aldi – the first new occupier on the landmark site vacated by furniture chain Ilva – was seeing an improvement in trade after a “quiet start.”

He spoke as TCS released a management statement for the January 1 to May 13 trading period.

The company said it had cut its debt by £5.6m to £141m – mostly thanks to the sale for £5.2m of a property on Deansgate in Manchester let to Stables to asset management group Threadneedle.

TCS delivered an upbeat assessment of its trading position and said it was on the hunt for investment opportunities in the retail and car parking sectors.

The company is keen to take advantage of what it believes have been a “sustained improvement in the economic environment” since it posted a half year profit in February.