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Regional News Palace Capital Plc acquires One Derby Square, Liverpool for £13.975m


Palace Capital Plc (LSE: PCA), the Main Market listed property investment company that has a diversified portfolio of UK regional commercial real estate in carefully selected locations outside of London, has acquired the freehold interest of One Derby Square in Liverpool for £13.975 million, reflecting a 6.75% net initial yield.


This imposing property is situated in the heart of Liverpool and has extensive frontages onto Lord Street and Castle Street, as well as Derby Square. It has a total net floor area of 70,000 sq ft comprising six retail and one leisure unit on the ground floor and 47,500 sq ft of offices across four further floors. It currently produces a net income of circa £1.0 million per annum and is 96% occupied by tenants with excellent covenants, including: Pret a Manger, Tesco, Medicash, Reed Specialist Recruitment and Brook Street (UK).


While most of the property has been recently refurbished, significant opportunities remain for active asset management and


the Company will be working to a tailored plan to increase the property’s income and capital value in the years ahead.


Executive Property Director Richard Starr commented:


“Our strategy focuses on city centre locations in thriving university towns and regional cities, particularly where permitted development and a lack of speculative development has reduced the office stock; in Liverpool 1.15 million sq ft of office space has been taken out of the market since 2014.


“One Derby Square is centrally located, close to the Liverpool One development on Paradise Street, in a city which forms part of the Northern Powerhouse and which is going through a very considerable renaissance.”


Mason Owen and Hamlins acted for Palace Capital Plc whilst CBRE and Bury & Walkers acted for the vendor.


INVESTMENT IN THE RIGHT SECTORS IN THE RIGHT LOCATIONS ACTIVE MANAGEMENT STRATEGY DIVERSIFIED PORTFOLIO OUTSIDE LONDON PROGRESSIVE DIVIDEND POLICY www.palacecapitalplc.com +44 (0)20 3301 8330 info@palacecapitalplc.com


Hudson Quarter, York.Planning consent granted for 127 apartments, 34,500 sq ft offices, 5,000 sq ft of commercial and car parking within the city walls. www.hudsonquarteryork.com COMMERCIAL PROPERTY MONTHLY 2019 9


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