Void levels at Town Centre Securities have remained static at 3%, the firm revealed today.
Just 7,000 sq ft is left to let at the 140,000 sq ft Urban Exchange in Manchester, TCS said in an interim management statement for the period 1 July to 17 November.
The lettings and other asset management during the period left void rates at close to 3%. Void levels between 1 January to 16 May stood at 2.97%
As at 17 November, the firm had net debt of £142.8m, (30 June 2011: £140.1m), comprising £106m of 5.4% debenture stock repayable in 2031, and £36.8m of bank loans.
TCS said negotiations are at an advanced stage to complete the refinancing of its bank facilities. “Inevitably we will incur higher borrowing costs compared to the more favourable margins in our existing facilities,” it said.
It added that 99% of September quarter-day rents were collected within five days of the due date.
Future projects are progressing, the company said, with plans for the refurbishment of a multi-storey car park adjacent to the Merrion Centre in Leeds expected to receive planning permission.
joanna.bourke@estatesgazette.com
