Town Centre Securities, the Leeds-based property firm which grew out of the Barratt's shoe empire founded by the Ziff family has paid £7.05 million for an office property at 6-7 Park Row, Leeds, which is entirely let to Lloyds Bank.

The rent is £630,000 and if there was more than 4 years left on the lease this property would have been worth at least £3 or £4 million more. But the uncertainty as to whether Lloyds will still need the property at the end of the lease, has pursauded the owner, a client of Axa Real Estate, to sell whilst the going was good.

Edward Ziff CEO of TCS said:

"Although overall we are maintaining a cautious attitude given the economic background, we are prepared to be opportunistic and acquire prime income generating properties in cities where we know the market such as Leeds.

"The acquisition fits our strategy of continuing to prioritise asset management initiatives within our portfolio whilst maintaining income generation at a level that sustains the business and our dividend."