Palace Capital plc
("Palace Capital" or the "Company")
Palace Capital secures major planning consent in York
Palace Capital, the property investment company that focuses on commercial property outside London, today announces that its planning application for a major development on the Company's 2-acre site at Hudson House, Toft Green, York was granted, subject to conditions, by City of York Council yesterday evening.
Hudson House, which is within the City Walls, and only one minute's walk from York Railway Station, is a 1960s office building with a lettable floor area of 103,000 sq ft.
Following extensive consultations, the Company submitted a new planning application in March of this year to demolish the existing property and erect four new buildings comprising a total net area of 132,893 sq ft. Under the plans, three of the buildings will have a total of 127 apartments and 5,000 sq ft of commercial/restaurant space, whilst the other will comprise 34,000 sq ft net of Grade A offices.
Neil Sinclair, the Chief Executive of Palace Capital, commented: "Hudson House was part of the Sequel Portfolio which we acquired from Quintain in 2013 and where we already have two other planning approvals. We are very excited about the prospects for this site and now we have consent we will be focusing on how best to maximise shareholder value whilst limiting the risk to our Company."
Date: 18 August 2017
For further information, contact:
Palace Capital plc
Neil Sinclair, Chief Executive
Stephen Silvester, Finance Director
Tel. +44 (0)20 3301 8331
Allenby Capital Limited (Nominated Adviser and Joint Broker)
Nick Naylor / James Reeve
Tel. +44 (0)20 3328 5656
Arden Partners plc (Joint Broker)
Chris Hardie / Ciaran Walsh
Tel. +44 (0)207 614 5917
Capital Access Group (Financial PR)
Tel. +44 (0)20 3763 3400
About Palace Capital plc (www.palacecapitalplc.com):
Palace Capital is a UK property investment company admitted to trading on the AIM Market of the London Stock Exchange (LSE: PCA). The Company is not sector specific and looks for opportunities where it can enhance the long-term income and capital value through asset management and strategic capital development in locations outside London. In its last reported financial year, Palace Capital produced a 20.0% increase in adjusted profit before tax, a 7.0% uplift in EPRA NAV and a 16.0% increase in dividends.