Town Centre Securities closes Rochdale deal

Leeds-based Town Centre Securities has exchanged contracts for the sale of Rochdale Central Retail Park to Rochdale Council.

Edward Ziff, Chairman and CEO Town Centre Securities, in his Office overlooking Leeds. 18 March 2013. Picture Bruce Rollinson

The deal includes its adjoining 4.7 acres of land and amounts to £13.2 million, payable in cash on completion.

The park totals 70,000 sq ft with current tenants Argos, Halford, Matalan and Poundstretcher.

Sign up to our daily newsletter

The i newsletter cut through the noise

The sale is unconditional and is expected to complete on January 4. The proceeds will initially be used to reduce TCS’s indebtedness, the firm said.

Edward Ziff, chairman and chief executive of TCS, said: “This disposal is in line with our on-going strategy of repositioning TCS’s portfolio; reducing our exposure to mature out-of-town retail, and enabling further diversification of our assets and investment in our development and investment pipeline.

“Despite making significant improvements to the retail park in recent years we identified this asset as having further downside potential.”