Town Centre Securities sells city sites

PROPERTY group Town Centre Securities is selling two city centre sites to the property business owned by Yorkshire entrepreneur Tony Bramall.

The Leeds-based property investment and development company headed by chief executive and chairman Edward Ziff, has exchanged contracts for the sale of two properties in Albion Place, Leeds, to Bramall Properties Limited for £13.75m.

The properties, in Albion Place, which are let to WH Smith and Hospital Medical Group, and Albion Street, let to bookseller Waterstones, have a passing rent of £1.14m. 

Town Centre, which owns the Merrion Centre in Leeds, said that the proceeds will be paid in cash and used to pay down group debt with completion on May 27.  

Harrogate-based Bramall Properties is owned by veteran entrepreneur Tony Bramall who built up and sold the CD Bramall motor dealership chain and now has a significant stake in Manchester-based Lookers.

Bramall Properties has a portfolio which includes out-of-town retail sites in Hull, Accrington, Colne and Darlington.