Piccadilly-based commercial property group Town Centre Securities today said that property values were stabilising against the "constant challenge" of administrations, pressure on rents and occupier demand.

TCS, a major investor in the North West at the Piccadilly Basin area of Manchester, said it was focused on finding a new anchor tenant for the 120,000 sq ft site vacated by the failed Scandinavian home furnishing store Ilva.

It said plans for the site on Great Ancoats Street are "well developed".

The company said in a trading update: "Our preferred strategy is for a mixed retail scheme that will attract tenants as a home/lifestyle destination store.

"We are confident about the unit's potential and we hope to be in a position to make further announcements with our preliminary results in September." 

Chairman Edward Ziff said: "Our substantial exposure to 'value for money' retailing stands us in good stead, and we will ensure that we continue to put the right tenant in the right property paying the right rent."

For further details about Town Centre Securities, please visit www.tcs-plc.com