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Palace Capital's Plans For Hudson House In York Pass Key Hurdle

LONDON (Alliance News) - Palace capital PLC Thursday said the City of York Council has told it ...

Alliance News 18 December, 2014 | 11:03AM
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LONDON (Alliance News) - Palace capital PLC Thursday said the City of York Council has told it that it won't require prior approval to convert the majority of its Hudson House property to residential use.

Hudson House is a 103,000 square foot office building adjoining York Railway Station. Palace Capital bought it in October 2013, when it was virtually empty, and has since been working to let vacant space as well as applying for a potential change of use to residential as part of its plans to convert the upper floors and one of the ground floor wings to 115 residential apartments.

Cushman & Wakefield valued the property at GBP4.3 million when Palace Capital bought it, and the valuation had increased to GBP9.65 million as of September 30 of this year.

"This is excellent news for Palace Capital. This is our largest asset in our portfolio and one where we have worked hard to maximise the potential value from the property," Palace Capital Chief Executive Neil Sinclair said in a statement.

Palace Capital shares were up 1.5% at 330.00 pence Thursday morning.

By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1

Copyright 2014 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Palace Capital PLC 290.00 GBX 2.11 -

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