Town Centre Securities PLC, the property investment, development and car parking company, has announced the acquisition of The Cube in Leeds for £12 million from Aviva.
The Cube has 22,000 sqft of ground floor leisure units with leases to Hard Rock Café and Mecca Bingo, together with 50,000 sqft of offices over three floors which are leased to Persimmon Homes.
In a statement, TCS said: “The purchase price of £12m represents an initial yield of over 12.5% on the passing income. With lease expiries in 2019 and 2020 the yield will reduce to around 9%, a strong and sustainable return for a city-centre asset. The purchase will be funded from TCS’s existing resources and planned disposals”
The Cube is opposite the Merrion Centre, TCS’s largest asset