Palace Capital sells Aldershot property for GBP2.4 million

(Alliance News) - Palace Capital PLC said Monday it has sold an industrial building in Aldershot, ...

Alliance News 29 November, 2021 | 12:52PM
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(Alliance News) - Palace Capital PLC said Monday it has sold an industrial building in Aldershot, Hampshire for GBP2.4 million.

The London-based commercial property investor said it sold the property at 24 Blackwater Way to a private property company as part of its plan to sell 15 buildings that represent "mature" investments for Palace.

The sale prices reflects a 14% premium to book value and is more than triple what Palace paid for the property in two stages starting in 2013.

The building offers 28,000 square feet of space and is let to BHW Automotive on a 10-year lease from September 2019 at GBP228,000 per annum. The freehold is held by Rushmoor Borough Council on a 125-year term from 2003 at GBP47,000 per annum, giving annual net income of GBP181,000.

"This is one of the 15 mature buildings we earmarked for sale last summer under our strategic disposal plan, which aims to raise GBP30 million for redeployment into properties with stronger growth potential. The transaction takes the total sales so far under the plan to GBP21.3 million," Chief Executive Neil Sinclair commented.

Shares in Palace Capital were up 2.3% at 265.00 pence on Monday in London.

By Heather Rydings; heatherrydings@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Palace Capital PLC 262.00 GBX 3.76 -

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