Leeds-based developer Town Centre Securities said it will be on site in 2012 with its 75,000 sq ft redevelopment of the 1980s-built Rochdale Central Retail Park.
In an interim management statement, the publicly listed company said it is "progressing [the] joint venture arrangement with Metric Property Investments at Rochdale. Work continues on identifying suitable tenants with a view to being on site in the latter half of 2012."
TCS has planning consent for 125,000 sq ft in a retail terrace. An earlier phase is occupied by Halfords, Argos and Matalan. JV partner Metric said in its own statement this week that the project would see 75,000 sq ft of 'open A1' retail space built.
Elsewhere in the statement, TCS updated on progress at Piccadilly Basin in central Manchester. The developer said: "We have been working with our tenants at Urban Exchange in Manchester to develop a successful brand for this outlet centre as we believe there is an opportunity to market the centre to the benefit of landlord and tenants. Only one unit, 7,000 sq ft, out of 140,000 sq ft, remains unoccupied."
Overall, the company said net debt at 17 November was £142.8m, compared to £140.1m on 30 June. The debt is made up of £106.0m of 5.375% debenture stock repayable in 2031, and £36.8m of bank loans.
Shares in TCS were unchanged at 176p.