Park and pride for Town Centre

PROPERTY firm Town Centre Securities said its car park division has performed well over the past four months.

The Leeds-based group said like-for-like revenues in car parking rose by 10 per cent during the first quarter.

The Merrion Centre multi-storey car park added 15 per cent to like-for-like income and helped drive the increased footfall in the Merrion Centre.

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Town Centre said its investment portfolio has performed in line with expectations.

The group said the highlight of the period between July 1 and November 14 was the acquisition of two new investment properties at a total cost of £9.4m.

These are 6/7 Park Row, Leeds, which is occupied by Lloyds TSB, and 880 Harrogate Road, Bradford, which is occupied by shoe chain Barratts.

Town Centre chairman Edward Ziff said both properties offer future growth opportunities when the current leases are due for renewal.

The group’s shopping centres are 98 per cent let, reducing the void level to two per cent.

Rent collections within five days of the due date were over 99 per cent.

Mr Ziff said this indicates that its broad spread of tenants and focus on the value for money retail sector stands the company in good stead.

Refurbishment work has started on the Merrion Way project at the Merrion Centre creating new retail and leisure units which will be leased out by Pure Gym and restaurant operator, Cosmo. These represent 55 per cent of the anticipated additional rental income and Mr Ziff said there is good interest in the remaining units.