TCSC : Town Centre Securities boosted by Merrion Centre
Town Centre Securities results for the year ended 30 June 2014 show its net asset value climbing from 285p to 320p. The dividend for the year is being maintained at 10.44p. the portfolio total return was in-line with that of the IPD Index at 17.6%.
Their strongest performing property was the Merrion Centre in Leeds, TCSC’s largest asset (this benefitted from capital expenditure during the year). They are working on redeveloping the adjacent offices for Leeds City Council and expect construction work to begin next year for completion in 2017.
With the aid of a£10m extension of their borrowing facility from RBS, Town Centre securities is pressing ahead with the development of a new Waitrose store at Milngavie, Glasgow – completion is expected in spring 2015.
Other developments in progress include a residential scheme at Apperley Bridge near Leeds and a mixed use development, Whitehall Riverside, that includes a 128 bedroom hotel in Leeds.
Revenue from their car parking operations increased by 4%.