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Office space is becoming more attractive in Manchester area if the industry trend is anything to go by. Of the 115,000 sq ft prime space available in Piccadilly Basin area in Manchester, 15,000 square feet is set to be occupied by Aldi soon for their new food store. Town Centre Securities has said that a number of retailers are showing renewed interest in taking up new premises within this location now.

These developments are ringing in good fortune for TCS as the interim report by management reveals. The report covered the period from July to November and showed that company top honchos are looking forward to growth in the portfolio by end of year 2009. This will be a significant milestone for TCS which was in the red previously. The good fortunes are in part a result of sales of existing assets which brought in the profits. A studio and shared office block sale for £6.9m generated a 9% yield. The top floors of 118 Deansgate, whose lower floors are still occupied by Staples UK and Cotswolds Outdoor, brought in a 7% yield on the £1.7m sale.

As the economy is just beginning to get back on its feet, TCS sources are quite cautious in their approach. New business spaces will be actively sought for but existing tenants will also be kept track of to ensure that rents due keep coming into the company coffers. The top management is, however, hopeful abut the future given that a number of new enquiries are coming in for premises.