Palace Capital plc
("Palace Capital" or the "Company")
PALACE CAPITAL SELLS VACANT FREEHOLD
Palace Capital, the property investment company that focuses on commercial property outside London, announces that it has sold, with vacant possession, Allen House, Ashton Road, Bredbury, Stockport, Greater Manchester for £1.55 million. The sale proceeds are slightly above the book value.
This warehouse/industrial corner building comprises circa 68,000 sq ft and formed part of the Sequel Portfolio acquired by Palace Capital from Quintain plc in October 2013. The property has been empty since September 2015 when the previous lessee, Mountrose Ltd (now in administration) surrendered their lease.
GVA & Knight Frank acted for Palace Capital.
Neil Sinclair, the Chief Executive of Palace Capital, commented:
"This transaction, although not large, is important to Palace Capital for three reasons: firstly, the property is not charged so the monies received can be reinvested into an income producing property; secondly it demonstrates our ability to effectively recycle our capital; and thirdly, and most importantly, we will save circa £185,000 per annum of empty rates, security, insurance and other running costs."
-ends-
Date: 24 February 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)
Scott Fulton / Jessica Bradford
Tel. +44 (0)20 3763 3400
