Town Centre sets store by ‘prudence’

Town Centre Securities says it is retaining a “prudent” approach to the market and, while it does not expect significant value or rental growth in the short term, its property portfolio is well let and provides secure income.

The Leeds-based property investment and development company said at its interim results to the end of December that opportunities to further develop other existing assets were progressing while it had maintained its ability to fund acquisitions. Underlying pre-tax profit rose from £2.5m to £4.4m. Rental income from investment property held steady at £8.9m. Occupancy levels improved from 93.2 percent to 95.6 percent.

Edward Ziff, chairman and chief executive, said: “We have reported a significant improvement in our underlying profitability. This follows continued focus on reducing occupancy voids and the rebasing of our operating costs and interest charges. He said he was confident the company’s focus on value-for-money retailing would drive its future income generation and continue to underpin the strength of the business.