Firm keen to keep investing - commercial mortgages

14 May 2008

In news which may give those with commercial mortgages ideas on how to proceed in the current economic climate, the Town Centre Group property firm has said it believes continued investment is the best way forward.

Stating that adding to its portfolio as well as refurbishing its existing stock was the preferred strategy, the chairman of the Leeds-based firm Edward Ziff said in an interim report for the first quarter of 2008: "Our well located portfolio, based in the major conurbations of Leeds, Manchester and Glasgow along with our long-term and largely fixed rate debt facilities provides a stable foundation to manage the prevailing market," reports thebusinessdesk.com

The company has secured £100 of renewed bank facilities for the next five years at fixed rates to avoid any uncertainty, while it has sold two properties in Newcastle and York for a combined total of over £4 million.

One company which is proceeding with new investment is the husband and wife team of Norman and Patricia Bell as landlords of the Shelbourne Hotel in Southport.

They have embarked on a £1.5 million project which will turn the building into luxury apartments, the Liverpool Daily Post reports.