Recovery some way off, warns northern property firm

Town Centre Securities reported a statutory profit, after revaluation, of £3.6m in the year ending June, reversing last year’s loss of £4.2m.

Its property portfolio, which is concentrated in Leeds, Manchester, Edinburgh and Glasgow, is now valued at £301m, up from £287.6m last year.

The Leeds-based group completed four acquisitions for £11.6m and one disposal for £2.7m during the year.

It said rental income from acquisitions and increased car park revenue offset higher costs following its refinancing.

The group said occupancy level improved and now stand at an all-time high of 98 per cent.

Edward Ziff, chairman and chief executive, said: “The company has once again produced a good set of results despite a weak economic background.

“We have made significant progress during the year on a number of major projects, made four acquisitions and occupancy is at an all-time high.

“Our decision to invest in major cities continues to be a sound strategy during these economic times.

“While economic data now shows that there was no double dip, there is no doubt that confidence is fragile and that a full recovery is some time away.

“We are encouraged by signs of improvement but remain focussed on progressing development opportunities on assets we own and other value enhancing projects.”