Developer TCS sees positive signs
PROPERTY investment and development firm Town Centre Securities has cut voids and seen strong rental collections over the last five months, the company said today.
The firm pointed to the letting of 55,000 sq ft at Urban Exchange in Manchester to Go Outdoors as the highlight of recent months and predicted the deal would encourage further take up of space at the landmark site, formerly the home to furniture store Ilva.
TCS is also looking for further car park opportunities after taking a site in Leeds at the start of July.
Since the end of June voids have been cur from 6.8% to 4.7% with 99% of rent collected within seven days of the due dates.
Chairman and chief executive Edward Ziff said: “I am very pleased with the start we have made to this financial year. The market remains stable and we have been able to concentrate our efforts on working with new and existing tenants to underpin the strength and resilience of the business.
“We continue also to develop our plans to increase our return from our existing assets.”
Since the start of July the Leeds-based company has sold two small properties in Kings Lynn and Bradford netting the company £1.4m.
The trading update said: “TCS continues to operate well within its available facilities and covenants, providing headroom to make asset purchases and further develop our existing portfolio.”
