Palace Capital plc develops scheme in York Regional News
Palace Capital acquired Hudson House, a 2-acre site opposite York railway station in 2013.
In August 2017, planning permission was granted for 127 apartments, 34,000 sq ft of office space and 5,000 sq ft of other commercial space plus car parking.
Demolition is almost complete and construction will begin early next year, with practical completion expected in January 2021.
The Company anticipates a strong appetite for the completed development given the demand that currently exists in York for residential & grade A office space.
A recent survey by The Sunday Times voted York the Best Place to Live in 2018 and a YouGov poll revealed the City as ‘most liked’.
The Company is also refurbishing 5,500 sq ft of offices on the corner of Lendal & Museum Street which will be completed in January 2019
St James’ Gate, Newcastle
This corporate vehicle was acquired in August 2017 for £20m. The majority of the property is offices within a courtyard setting & is currently fully occupied. Being close to the railway station and with significant tenants including the National Lottery, Eldon Insurance and UBS, the company considers city centre rents will continue to grow in the medium term.
Broad Street Plaza, Halifax
BSP is the largest of Palace Capital’s 2 leisure complexes. It was acquired for £24m through a corporate purchase in March 2016.
The centre is ranked in the top 5% of centres in the Humber region and is ideally located in the heart of Halifax town centre, adjacent to the main bus station & walking distance from the train station which between them deliver over 1m visitors with a retail goods market potential of £300m every year. The Piece Hall, an important iconic tourist destination in the centre of Halifax re-opened in August 2017 after a £19m restoration project & now attracts 1.6m visitors per year.
New tenants are sought for five vacant units ranging from 1,250 to 7,055 sq ft. utilising the space alongside existing tenants which include Wetherspoon, TGI Fridays, Nando’s, Pizza Express, Pure Gym and Vue cinema. The letting agent is Adam Mobley, a retail and leisure specialist for WSB in Leeds who can be contacted on 0113 234 1454 / amobley@
wsbproperty.co.uk
8 COMMERCIAL PROPERTY MONTHLY 2018
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