TCS ready for next stage at Merrion Centre

By Paul Norman - Wednesday, January 10, 2018 14:03

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Town Centre Securities (TCS), the Leeds and London based property and investment development company, has completed a £70m, 10-year development and improvement project for its largest asset, the Merrion Centre in Leeds.

In 2007, TCS announced it would be spending £70m on refurbishing and redeveloping the 1m sq ft mixed-use scheme in the heart of Leeds. Now the project has been completed, TCS said it will be revealing a further development plan for the centre in the near future.

The initial 10 year project included increasing the total space available, attracting a number of household brands and establishing the burgeoning Arena Quarter. TCS completed refurbishments and large-scale redevelopments at the centre in order to improve the customer experience, increase total retail, leisure and office space and ensure the centre meets the needs of its customers.

TCS said Merrion Centre is already seeing the benefits of the programme, with "footfall continuing to increase against the national average, with 11.5m shoppers passing through its doors in 2017". 

The program included the redevelopment of the former Merrion Hotel into a 134-bedroomed ibis Styles with adjoining Marco Pierre White’s New York Italian restaurant and bar.

Alongside this, a major overhaul of the multi-storey, 1000 space CitiPark car park, and a £9m investment and refurbishment of Town Centre House was delivered.

The most significant investment project is set for completion in the first quarter of this year and will be Leeds’ largest pre-let to date. The refurbishment and extension of the iconic original 1970’s Merrion House building, which has received an investment of £35m has been undertaken in a joint venture with Leeds City Council which will see all council staff vacating existing premises within the city to consolidate into Merrion House.

Helen Green, Associate Director at TCS, owner of Merrion Centre, said: “We’re delighted to have successfully completed our initial ten year programme to regenerate Merrion Centre.

“The centre is a key part of the Leeds and Yorkshire property landscape and we have ensured that we continue to make it a key destination for residents and visitors by updating and adding to our already strong offering.

“We’ve put our fantastic location within the Arena Quarter to good use, hosting high profile events to attract visitors and ensure there’s always something exciting happening to support and make the most of the amazing refurbishments and redevelopments we have completed within the last ten years.”

Edward Ziff OBE, Chairman and Chief Executive of TCS, said: “The past decade saw some challenges to the retail industry, coupled with uncertainties around Brexit and a weaker pound which have all taken a toll on shopper confidence. However, we anticipated change and kick started plans in 2007 to ensure we’re catering for our customers by providing continuous choice and quality through our offering.

“Now we have completed this 10 year strategy, we’re keen to keep the momentum going and will be announcing investment plans for our second stage of redevelopment very soon. We have a vested interest in Leeds city centre, and the Arena Quarter in particular, and look forward to another prosperous year in 2018.”

pnorman@costar.co.uk

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