Investment in new development scheme in Leeds

RNS Number : 5633Z

Town Centre Securities PLC

18 December 2017

 

18 December 2017

Town Centre Securities plc

("TCS" or the "Company")

Investment in new development scheme in Leeds  

Town Centre Securities PLC, the Leeds based property investment, development and car parking company, today announces that it has been selected by Leeds City Council to develop a major new scheme in George Street, Leeds.  The total development value is expected to be £20m and work on site is due to commence first quarter 2019 with completion in 2020.

The development will be undertaken as a partnership between TCS and Leeds City Council, with the Council acquiring a 50% ownership of the completed development.

The development will consist of a single, newly constructed building containing approximately 117 separate aparthotel units as well as nine ground floor units for a range of commercial uses, including retailing, cafés and restaurants, bars or takeaways. The aparthotel's units are expected to be divided as 82 studios, 31 one-bedroom and four two-bedroom units.

Edward Ziff, Chairman and Chief executive at Town Centre Securities commented:

"Leeds has seen an influx of visitors and businesses and we are delighted to have secured this scheme to deliver additional accommodation capacity in this sought-after location. We are delighted to be working with Leeds City Council and apart hotel operators and are confident this scheme will further enhance the regeneration of this area of Leeds.  

"Our development programme, which focuses on both creating and improving investment properties from within our portfolio, and seeking new opportunities such as this one, offers considerable potential for value creation. The programme continues to progress well and is expected to drive increases in rental income and capital value in our portfolio."

For further information, please contact:

Town Centre Securities PLC                                                                                                        www.tcs-plc.co.uk                

Edward Ziff, Chairman and Chief Executive                                                                                   0113 222 1234                 

Mark Dilley, Finance Director

MHP Communications                                                                                                                             0203 128 8742         

Reg Hoare / Alistair de Kare-Silver                                                                                                  [e-mail]

Notes to editors:

Town Centre Securities PLC (TCS) is a UK property investment and development company with a portfolio valued at over £380 million. It owns properties in Leeds, London, Manchester, Edinburgh and Glasgow principally comprised of retail, offices and a growing car parks business. It has been listed on the main market of the London Stock Exchange since 1961 and has an unbroken 57 year record of raised or maintained dividends.

 

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