Transformation of Merrion Centre Enters Final Phase
September 18, 2014 |
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Town Centre Securities have announced that they have entered the final stages of the £50m transformation of their Merrion properties, including the Merrion Centre, Merrion Centre car park, Merrion House, and Merrion Hotel.
The Merrion Centre is their top performing property, with capital value rising 16%, and growth of over £1m a year in rent. Total investment in the 50 year old shopping centre comes to £9.4m.
As a whole, the Merrion Centre is now 98% let, and has received 7.2 million visitors so far this year – a 10% improvement over last year. In addition to the benefits brought by refurbishing the shopping centre, the construction of Leeds Arena next door has contributed an increase in footfall.
One of the biggest changes to come is the relocation of the Peacocks and 3 Store to make way for an extention to Morrisons, increasing the store size by 20%, and will yield a further £500,000 rental income.
The £7.6m revamp of the Merrion car park will make it “state of the art,” including contactless payment stations, electric car charging bays, and customer only pedestrian access gates.
TCS’s property director Richard Lewis said, “We have to invest in Merrion now. It has lasted 50 years. We need it to last another 50 years.”