Re-financing of Merrion House redevelopment proposed

Leeds based property investor and car park operator Town Centre Securities is in detailed discussions with Leeds City Council in relation to a re-financing of Merrion House in Leeds.

On 6 February Town Centre Securities announced practical completion of its £70m Merrion House redevelopment, which now houses Leeds City Council services and staff.

The 170,000 sq ft, ten-storey building is jointly owned by TCS and LCC in Merrion House Limited Liability Partnership, with LCC occupying the building on a new 25-year lease.

Town Centre Securities is in advanced discussions with the council with the aim of LCC making a discounted rent advance for the fixed, non RPI, element of the 25-year lease commitment.

Merrion House is now the main city centre office base for Leeds City Council, housing 2,196 staff including all public-facing services and some from West Yorkshire Police and Leeds Community Health Care.

The original Merrion House was developed by TCS in the 1970s, and occupied by Leeds City Council.