Merrion Centre owner “looking forward” to Arena opening

THE chairman of property investment and development company Town Centre Securities said he is expecting the opening of the Leeds Arena to have “a significant impact” on Leeds and the city’s Merrion Centre.

Leeds-based Town Centre Securities, which owns the Merrion Centre, said in an interim management station covering January 1 to May 10 that its investments in the core cities of Leeds, Manchester, Edinburgh and Glasgow have continued to stand it in good stead.

At the Merrion Centre, it said work has commenced on site to create seven new retail and leisure units and to refurbish its multi-storey car park. Pure Gym will be the first occupier and is due to open in the autumn.

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Edward Ziff, chairman, said: “Town Centre Securities plc continues to perform in line with our expectations. Our strong asset management capabilities and focus on the value for money retail sector continue to serve us well.

“We are looking forward to the Leeds Arena opening in July and to the significant impact it will have on Leeds and the Merrion Centre in particular.

“We are delighted to have secured council backing to build a new 36,000 square foot store for Waitrose in Milngavie, Glasgow.

“Our high occupancy level continues to underpin our rental income and we continue to work with our tenants to provide them with opportunities to grow their profitability, recognising that they operate in a difficult economic climate.”

The company’s portfolio occupancy level remains at 98 per cent, it said.