Property disposal for £1.086 million

RNS Number : 9886G

Palace Capital PLC

12 August 2016

 

Palace Capital plc

("Palace Capital" or the "Company")

PALACE CAPITAL SELLS VACANT FREEHOLD FOR £1.086 MILLION

Palace Capital, the property investment company that focusses on commercial property mainly outside London, announces that the Company has sold its freehold vacant warehouse property in Victoria Road, Stoke-on-Trent, for £1.086 million, which was slightly above book value.

This 40,000 sq ft building was originally let for 35 years from September 1980 to Portmeirion, but the property became vacant in September of last year. It formed part of the Sequel Portfolio acquired from Quintain Estates & Development plc in October 2013.

Palace Capital had already secured the sum of £0.25 million by way of a settlement of a schedule of dilapidations and has now sold the property to a private group.

Neil Sinclair, the Chief Executive of Palace Capital commented,

"This sale is the result of our active management and the continuation of the recycling of our capital where properties are either vacant or have no realistic prospect of growth. In addition, the Company will no longer be responsible for empty rates and as it was not charged the proceeds received can be directed towards acquiring properties that fulfil our investment criteria."

Rory Mack Associates of Newcastle - under - Lyme acted for Palace Capital.

-ends-

Date: 12 August 2016

For further information contact:

Palace Capital plc

Neil Sinclair, Chief Executive

Stephen Silvester, Finance Director

Tel. [phone]

Allenby Capital Limited (Nominated Adviser and Joint Broker)

Nick Naylor / James Reeve

Tel. [phone]

Arden Partners plc (Joint Broker)

Chris Hardie / Ciaran Walsh

Tel. [phone]

Capital Access Group (Financial PR)

Simon Courtenay / Jessica Bradford Tel. [phone]

 

END

 

 

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