TCS sees 75pc of retail portfolio trading
But car parks business took a material knock
PROPERTY DEVELOPER Town Centre Securities said that over 75 per cent of its retail and leisure portfolio is now open and trading.
The firm said the Merrion Centre in Leeds is now 60 per cent open and this level is increasing as it works closely with tenants to help ensure a safe and successful reopening of their businesses.
The firm experienced one administration during the three months to June 30 in Go Outdoors, following the recent announcement by its parent company, JD Sports Fashion.
Town Centre has now reopened all of its CitiPark car parking branches and, with the easing of lockdown, it is beginning to see a gradual improvement in usage. The firm said its CitiPark business has been hardest hit so far, experiencing a material reduction in income
As the group continues to furlough some staff, the firm said it is appropriate for the salaries of all board members to remain reduced by 20 per cent for a further three months until the end of September.
The company said it continues to explore opportunities to dispose of retail properties from within its portfolio.
Edward Ziff, chairman and chief executive, said: “We have collected a robust and reassuring level of rent for the latest quarter in challenging circumstances.
“This reflects the unique and diversified nature of our portfolio and the efforts we have gone into, over many years, to build strong relationships with all our tenants. We are working tirelessly to support all of our stakeholders as
We have collected a robust and reassuring level of rent.
Edward Ziff, chairman and chief executive of Town Centre Securities
we focus on the process of recovery from lockdown.
“Whilst common sense has prevailed in the majority of conversations with our stakeholders, this has not universally been the case; we were particularly disappointed with JD Sports in relation to the administration of its subsidiary Go Outdoors.
“Fortunately, such actions have been the exception rather than the norm.
“Recognising that we are operating in an uncertain environment that is impacting our financial performance, we continue to manage TCS through this difficult period with the long-term sustainability, and continuing reshaping, of the portfolio being our primary aim and focus.”
A number of independent food and drink operators at The Merrion Centre in Leeds Arena Quarter reopened for business on Saturday, July 4.
Coinciding with the national ‘Independents Day’ (which celebrates independent retailers), over half of the Merrion estate’s restaurants, bars and cafes resumed trading in line with Government guidance, focusing on the safety and wellbeing of customers and employees.
Town Centre said more operators are opening, including Korean barbecue Bulgogi Grill, sushi and Asian grill operator Blue Sakura, Ethiopian coffee specialist Konga Coffee, Japanese Fuji Hiro, the award winning Thai street food restaurant My Thai and flagship Indian restaurant, Bengal Brasserie.
In addition, new occupier Frankster’s opened this week on Merrion Street and both Greggs stores are now open.
Bulgogi Grill has installed toughened glass between dining booths to ensure its diners feel safe and at ease and is set to launch its app for ordering and payments ready for opening.