Regional revival boosts TCS

The Leeds-based property investor and car park operator also revealed that its Merrion House redevelopment deal in Leeds was progressing as planned.

In the six months ended December 31 2014, the company’s underlying profit before tax was £3.4m, compared with £4.0m in the same period the year before.

The company said that sales at Victoria Gate, in Leeds and Apperley Bridge, near Bradford had raised £10m.

The company said it had made progress on its developments in Whitehall Road, Leeds and Piccadilly Basin in Manchester.

Edward Ziff, the chairman and chief executive of Town Centre Securities, said: “Town Centre Securities has delivered a total shareholder return of 21 per cent over the last 12 months ahead of the wider real estate sector. The first half has seen good performance and values have continued to move forward as the market begins to appreciate the attractions of regional property compared to stretched London valuations.

“Rental income growth is expected and we are also growing income through active management especially at the Merrion Centre. The car park business provides another opportunity for income growth and we continue to expand these operations.

“Our strong asset management capability continues to maintain our high occupancy levels which in turn underpin our rental income and profitability. Our performance remains in line with our expectations and we look forward to the future with confidence as the regional economy continues to benefit from the ripple effect of economic growth.”