Member Article

Leeds' Town Centre Securities opens in London with £3.1 million acquisition

Leeds based property investor and car park operator Town Centre Securities PLC,which is the frm behind the developmenet of the Merrion Centre, is establishing a new London office following the acquisition of a £3.1 million property on Duke Street, London

The new premises has a 125 year lease and is currently being refurbished.

The new office will principally be used as a base to manage the expansion of Town Centre’s growing car park subsidiary, CitiPark, as it executes an ambitious five year plan to expand the number of branches across the UK, particularly in the South of England.

This follows the successful re-branding and re-launch of the CitiPark business last year.

In total, CitiPark currently has 11 branches and over 5,000 car parking spaces. In the last six months it has purchased two car parks in the Greater London area, one at Clipstone Street, W1 and the other at Clements Road, Ilford.

Clipstone Street, a 19 year leasehold 220 space basement car park, was purchased in December 2014 for £800k.

Clements Road was purchased on a long leasehold for £2.5 million and is a 650 space multi-story car park.

The recently completed £9 million refurbishment of CitiPark’s flagship branch at the Merrion Centre in Leeds included the largest carbon fibre project in Europe.

Edward Ziff, chairman and chief executive, commented: “Our new London office represents a significant landmark not only for our CitiPark business but for Town Centre Securities as a whole, the establishment of our first regional office outside Leeds.

“Our intention is to expand our CitiPark footprint in the UK, particularly in the South.

“Our new London presence will enable us to manage CitiPark’s growth whilst also providing us with the bandwidth to make selective opportunistic investments in the London market.”

This was posted in Bdaily's Members' News section by Clare Burnett .