Town Centre Securities PLC Acquisition of Ducie House in Piccadilly Basin (2592N)
May 08 2018 - 2:00AM
UK Regulatory
TIDMTOWN
RNS Number : 2592N
Town Centre Securities PLC
08 May 2018
8 May 2018
Town Centre Securities PLC
(The 'Group' or the 'Company')
Acquisition of Ducie House in Piccadilly Basin, Manchester
Town Centre Securities (TCS), the Leeds based property investor
and car park operator, is pleased to announce the acquisition of
Ducie House, a 33,000 sq ft office building with a 63-space car
park, for GBP9 million.
Contracts have now been exchanged between TCS and Urban Splash,
a regeneration company and the former owner of Ducie House, who
converted the building from a petticoat factory into loft-style
workspaces two-decades ago.
The deal will be TCS's fifth in the area as it continues its
investment in the regeneration of Piccadilly Basin. TCS has a
mixture of retail, commercial and residential developments in the
area, including Urban Exchange, Carver's Warehouse and Burlington
House, with a focus on further developing the south-eastern side of
Great Ancoats Street as a link to the city centre.
Situated on the fringe of Manchester's Northern Quarter and just
a two-minute walk from Piccadilly Station, the city's busiest
mainline and Metrolink station, Ducie House is a contemporary
development which provides highly flexible work solutions for
businesses of varying size. There are currently 64 office and
studio spaces ranging in size from 82 to 3,900 sq ft and these
spaces have been occupied by iconic Manchester brands such as 808
State and Simply Red, as well as ANS, UK Fast, Ask Developments and
Ear to the Ground.
There are approximately 50 tenants based in the building at
present, with a number of unique units available to let and the
majority of units are let on an all-inclusive flexible lease basis
producing an annual income of GBP675,000.
Edward Ziff, Chairman and Chief Executive, said:
"We're delighted to have acquired Ducie House, an exciting
development in a prominent location in Manchester, and it forms a
key part of our investment and regeneration of Piccadilly Basin and
the surrounding area.
"We believe the building will be a valuable addition to our
existing assets at Piccadilly Basin and is directly opposite our
next planned residential development, Eider House. We certainly see
room for potential refurbishment, as well as the development of the
car park."
ENDS
For further information, please contact:
Town Centre Securities PLC www.tcs-plc.co.uk / @TCS PLC
Edward Ziff, Chairman and Chief Executive 0113 222 1234
Mark Dilley, Group Finance Director
MHP Communications 0203 128 8742
Reg Hoare / Alistair de Kare- Silver tcs@mhpc.com
Notes to Editors:
Town Centre Securities PLC (TCS) is a Leeds based property
investor and car park operator with assets of approximately
GBP385m. With more than 50 years' experience, a commitment to
sustainable development and a reputation for quality and
innovation, TCS creates mixed use developments close to transport
hubs in major cities across the UK. Its current portfolio delivers
an annual income of more than GBP26m.
For more information visit www.tcs-plc.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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