Property investors TCS lay the foundations for growth
PROPERTY investor and car park operator Town Centre Securities has had a successful half year, to 31 December.
Net revenues increased increased from £8.8m to £9.4m and many of its long-term projects are well underway.
TCS reported underlying profit before tax of £3.5m in the second half of 2015, up from £3.4m for the six months to 31 December 2014.
Rental income from investment properties was £8.2m up from £7.9m in the same six months of 2014.
TCS is partway through the refurbishment of Merrion House, which consists of 120,000 sq ft of offices and creation of 50,000 sq ft of new office space.
The contractor is on site stripping out the £34m project and completion is scheduled for Q1 2018. The project is expected to add £5m to net assets and £0.9m to annual income.
Merrion Hotel, which will be a 134 room Ibis Styles hotel and 4,000 sq ft Marco Pierre White restaurant is also underway and scheduled for completion in the first half of 2017.
The company also agreed a deal with Premier Inn for its 136-bedroom hotel on Whitehall Road. £10m preparatory works are already underway.
Edward Ziff, chief executive said: “We will continue to focus on: maximising the investment value of our development sites through selective development; improving the quality and value of our portfolio through capital recycling; growing our car parking business through careful management and selective acquisitions.
“We believe that the current low interest and low inflation environment is here to stay for the foreseeable future and will continue to give us opportunities to grow our income and profits and thereby enable us to further enhance the net asset value of the Group.”
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