Business
Portfolio Activity Update
Portfolio Activity Update.
About this update from Town Centre Securities Plc
[{"type":"text","content":"\n \nRNS Number : 1452O Town Centre Securities PLC 05 February 2016 \n\n5 February 2016\n \nTOWN CENTRE SECURITIES PLC\n('The Company' or 'TCS')\n \nPORTFOLIO ACTIVITY UPDATE\n \nGOOD PROGRESS MADE ON ACQUISITIONS, CAPITAL RECYCLING PROGRAMME AND WHITEHALL ROAD DEVELOPMENT SCHEME\n \nTown Centre Securities PLC, the Leeds based property investor and car park operator, today announces a portfolio activity update, which includes an acquisition of four retail units with nine apartments in Wood Green, London, further progress with the Company's capital recycling programme and the signing of a 25 year lease with Premier Inn to build a 136 bedroom hotel on Whitehall Road, Leeds.\n \nAcquisition in Wood Green, London\nTCS has acquired the freehold interest in four retail units located in Wood Green, London. The properties were purchased for a total of £7.25 million and will provide a combined income of £0.4 million per annum, reflecting a yield of 5.5%. \n \nThe retail units are well located, with excellent access to public transport links. TCS intends to take opportunities to improve the tenant mix which will drive the yield and rent forward as well as to take advantage of refurbishment potential to raise the rental income of the units. A programme to convert the upper floors into residential accommodation is already progressing. \n \nCapital recycling programme continues\nTCS has made further progress in its capital recycling programme. This has continued with the disposal of 33 Bothwell Street in Glasgow for £7 million, which is above the previous valuation. The proceeds from the disposals will be redeployed into new, higher growth opportunities.\n \nPremier Inn lease agreed for Whitehall Road\nPremier Inn has signed a 25 year lease with TCS to build a 136 bedroom hotel on Whitehall Road as part of TCS's commitment to help regenerate the West End of the City with its Whitehall Riverside Scheme.\n \nThe build contract is £10 million and the value of the site upon completion, which is expected in 2017, is estimated to be in excess of £12.5 million.\n \nEdward Ziff, Chairman and Chief Executive, commented:\n\"We continue to focus on investing in higher growth opportunities including our own development pipeline, whilst continuing our capital recycling programme to provide some...