"Rental growth is a completely alien being in our regional markets," according to Town Centre Securities' (TCSC) chairman and chief executive Edward Ziff. But profits in the year to-end June received a substantial boost from a £19.8m revaluation gain, compared to negative valuation move last year. This also helped to deliver a decent gain in net assets on the group’s portfolio of retail outlets and car parks, based principally in Leeds, Manchester and Scotland.
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The jewel in the crown remains the Merrion Centre in Leeds. A total of £9.4m was spent on refurbishment and investment in new units, with three quarters of rental income now secured on unexpired leases averaging 13.6 years.