Property developer sells four sites for over £35m

The Leeds-based firm said the units include two Waitrose stores in Milngavie and Glasgow, an Aldi/Home Bargains store in Milngavie and a high street retail store in London.

The proceeds of the sales will initially be used to reduce bank debt.

Edward Ziff, chairman and chief executive of Town Centre Securities (TCS), said: “These disposals represent an acceleration of our strategy to reposition TCS’s portfolio; reducing our retail exposure, and enabling a significant reduction in bank debt.

"We have successfully navigated an extremely difficult period as a result of the Covid-19 disruption and have continued to receive high levels of rent receipts.

"That said it has become increasingly clear that we need to reset and reinvigorate the business. These disposals represent the beginning of that process.

“Reducing indebtedness and increasing headroom for growth ensures TCS is better placed to move forward beyond the current period of uncertainty.”

The two Waitrose stores were sold as a single lot to Wire Oast on a freehold basis for £23.2m. Unconditional contracts have been exchanged with a completion date agreed of October 8.

In June, the combined assets of the two Waitrose stores were valued at £23.2m on a freehold basis and generated annual net rent of £1.23m.