15th Nov 2013 08:52
LONDON (Alliance News) - Leeds-based property investors Town Centre Securities (TCS) PLC Friday said it is well placed to take advantage of early signs of economic improvement, as it signed a deal with Leeds City Council to refurbish and extend office block Merrion House.
In an interim management statement for the period July 1 to November 14, the company which also operates car parks, said Leeds City Council will enter into a 25 year lease at Merrion House from practical completion scheduled for 2017. The move will enable all the council's main services to be offered from a single facility.
The company did not disclose financial details concerning the lease.
Town Centre Securities said the Merrion Centre, its shopping complex in Leeds, has secured new tenants, including Pure Gym, Costa Coffee and Cosmo, while it has extended the lease on the bowling alley on the nearby Merrion Way for a further 25 years.
Four tenants entered administration during the period, including Barratts Trading Limited earlier this month at its property in Apperley Bridge, Bradford.
TSC said the car parking business performed in line with expectations, while "increased use of social media allows us to benefit from changing consumer purchasing behaviour and payment technologies."
At November 14, the company had gross borrowings of GBP157.7 million, up from GBP159.1 million in June.
The stock was trading at 225.00 pence Thursday morning, down 2.00 pence or 0.9%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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