Yorkshire property firm sees best rent collection since the pandemic started

Property firm Town Centre Securities has reported its best rent collection since the Covid-19 pandemic started last year.

Town Centre Securities is best known for the Merrion Centre in Leeds

The Leeds based firm, which owns the Merrion Centre, billed a total of £5.1m of rent and service charge (including VAT) for the English quarters payable on March 25 and April 1.

As of April 21, the firm had successfully collected £4.1m or 80 per cent of its payable rent. A further £600,000 or 12 per cent has been agreed to be deferred. This totals an agreed collection of £4.7m or 92 per cent.

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With the gradual easing of lockdown, the group said it is now seeing collection levels improving on a quarter by quarter basis and it expects to see this improvement continue

Edward Ziff, chairman and chief executive of Town Centre Securities, said: “I am pleased to report that rent collection has continued at a strong level, with the current quarter’s rent showing the highest level of recovery, when you include amounts agreed to be deferred, during the entire Covid-19 period.

"This demonstrates the resilience of our continuing portfolio reflecting its quality, uniqueness and diversified nature and our collaborative, longstanding and strong relationships with our tenants.

“We will continue to make further disposals of non-core assets, providing both additional security and the ability to reinvest in the long-term growth opportunities in our development pipeline, whilst furthering our programme of reset and reinvigoration.”

Analyst Tom Musson at Liberum said: "Collection levels are improving on a quarter by quarter basis.

"Despite some disruption, these resilient rent collection metrics are testament to the quality and diversified nature of the tenant base.

"Progress has also been made on disposals. We continue to expect 2022 will be Town Centre Securities' bounce-back year."