Development boosts TCS

Chairman Edward Ziff said the Leeds-based company’s investment property and car park operations were performing well and it is progressing a number of development opportunities at the Merrion Centre and Whitehall Riverside in Leeds and elsewhere.

In an interim management statement issued this morning, for the period from July 1 to November 14, the firm said its property portfolio was 97 per cent let.

At the Merrion Centre, Pure Gym opened in early October and Costa and Cosmo have also taken possession. The company said a further two units are in solicitors hands leaving three available to let with significant interest following the opening of the adjacent Arena in July.

TCS has also extended the lease on the bowling alley on Merrion Way for a further 25 years.

It has exchanged contracts with Leeds City Council to refurbish and extend Merrion House in an agreement which will enable all the council’s main services in Leeds to be offered from a single building.

The council will sign a new 25-year lease from practical completion, which is expected to be in 2017, and will take a 50 per cent interest in the asset.

Meanwhile, TCS has secured detailed planning consent for a 128-bedroom hotel and a council resolution to grant outline planning consent for a 600,000 sq ft mixed use development at Whitehall Riverside, including three eight-storey office buildings and a 500 space multi storey car park has also been obtained.

Mr Ziff said: “Town Centre Securities is well placed to take advantage of the early signs of economic improvement. I am delighted with the agreement with Leeds City Council to refurbish and extend Merrion House demonstrating the strategic importance of the Merrion Centre in Leeds city centre.”

“Economic recovery is slow but our strong asset management capability maintains our high occupancy levels which underpins our rental income and profitability.”