Business
Half Year Trading Update & Notice of Results
Half Year Trading Update & Notice of Results.
About this update from Town Centre Securities Plc
[{"type":"text","content":"\n \nRNS Number : 4362C Town Centre Securities PLC 22 January 2018 \n\n22 January 2018\nTown Centre Securities PLC\n('The Company' or 'TCS')\n \n Half Year Trading Update & Notice of Results\n \n \nTown Centre Securities PLC, the Leeds based property investor and car park operator, today announces an update for its financial half-year ended 31 December 2017 and its notice of results.\nOverview\nThe Board is pleased to report that TCS has continued to make good progress in the on-going strengthening and improvement of its portfolio, and in the CitiPark car parking operation.\nSince the year end results reported on 13 September 2017, we have undertaken further asset disposals, been appointed Development and Joint Venture Partner with Leeds City Council in a key new scheme, and are due to complete the Merrion House development in the next few weeks on time and budget. Furthermore, our residential scheme in Manchester is progressing well.\nTrading\n· Like-for-like passing rent up by 2.2% (30 June 2017: 2.3%)\n· Overall occupancy level 99% (30 June 2017: 99%)\n· Rent receipts for the current quarter 99% collected within 4 days of the quarter start\n· Merrion Centre trading remains strong and we continue to grow its rental income\n· CitiPark grows its revenues and profits\nDevelopment outlook\nFollowing the successful opening of two hotels in Leeds, we are further improving our portfolio and enhancing future returns with the following developments:\n· Merrion House development on track to complete on time and budget in January 2018.\n· At our residential programme at Piccadilly Basin, Manchester, Burlington House is under construction due for completion in May 2019, and Eider House has full planning approval.\n· TCS has been selected by Leeds City Council to develop a major new scheme in George Street, Leeds that will deliver a c. 117-unit aparthotel with a further 9 commercial units.\n· The development in partnership with Urban Splash of Brownsfield Mill, Manchester, into loft style city apartments is ready to commence.\nIntensive asset management\nTCS continues to seek to maximise revenue de...