Why footfall is up at the Merrion shopping centre in Leeds

The firm’s Merrion shopping centre in Leeds saw a strong rise in footfall in the last 10 weeks of 2019. Footfall increased over the past 12 months and it was up 7 per cent in the final 10 weeks of the year, boosted by new and renewed tenants including the Co-op, Dominos, We are Cow, OKA, Greggs and Whittard.

The Leeds-based firm applied the IFRS 16 lease accounting standard for the first time which reduced earnings by £300,000.

Adjusted EPRA Earnings before tax increased to £4.4m from £3.7m the previous year.

Edward Ziff, chairman and chief executive, said: “In our sixtieth year I am pleased to report a resilient set of results and the continuation of our strong dividend track record.

“We continue to invest in our assets, with significant redevelopment schemes underway in both Leeds and Manchester.

“Progress with our development pipeline continues, and following the successful completion of our first dedicated PRS building, Burlington House, in Manchester, it’s pleasing to have been awarded Insider’s North West Apartment Developer of the Year.

“Plans for our next development, a joint venture with Leeds City Council to build a 136-room aparthotel, are progressing well.

“The active management of our portfolio has ensured delivery of resilient earnings and a stable valuation. Of particular note, is the increase in value of the Merrion Estate.

“The ongoing diversification of our portfolio, with our retail assets representing only 35 per cent of the portfolio, will continue as we actively look to further sell retail assets.”