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Town Centre Securities, a leading property investment and development company, has reported that retailers across the UK seem to be interested in premium commercial space at Piccadilly Basin in Manchester, which offers 115,000 sq ft of vacant space for prospective tenants.

Towards the end of this month, supermarket chain Aldi will move in to 15,000 sq ft of space in the area with its new food store. Some of the area was let by the company and some by home furnishing store Ilva, before the recession set in.

By the end of 2009, it is believed that TCS will do sound business, as revealed by an interim statement issued by the management. New investments and deals will mark the end of bad business for the group.

During the interim time period between July and November, some office space and a studio were sold by TCS in the Piccadilly Basin area. The sale brought in £6.9m for the company, which amounts to 9% profit. TCS also sold the upper floors of the shared office complex at 118 Deansgate, and this fetched £1.7m for the company, amounting to 7% profit. Cotswolds Outdoor and Staples UK occupy the lower floors of the building.

TCS believes that the real estate market is yet to recover fully from the effects of recession. At present the company is looking for new tenants and trying desperately to hold onto its existing tenants.

However, the management is confident that business will improve for the company, as new tenants seem to be interested in commercial space with the worst period of the recession being over.

This entry was posted on Monday, December 7th, 2009 at 5:19 am and is filed under Doing Business, Great Real Estate Tips, Plugs. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.