Property Update

RNS Number : 2629C

Palace Capital PLC

27 April 2012

 



Palace Capital plc ("Palace Capital" or the "Company")

Property Update

27 April 2012

Palace Capital through its wholly owned subsidiary, Hockenhull Estates Ltd, owns 9 properties in Cheshire of which five are located in Nantwich and four are located in Crewe.

One of the properties, 23-25, Market Street, Crewe, Cheshire was let to Connexions Cheshire & Warrington Ltd on assignment from Poundstretcher for a term of 25 years from December 1993 expiring in December 2018 at a current rent payable of £33,740 per annum exclusive.

Connexions Cheshire & Warrington Ltd is owned and controlled by the three local authorities of Cheshire East Council, Cheshire West and Chester Council & Warrington Borough Council.

On 29 February 2012, PKF were appointed administrators to Connexions, Cheshire & Warrington Ltd and have been continuing to trade the business.

The Board of Palace Capital plc is pleased to advise that the lease of the property was assigned on 26 April 2012 to Cheshire East Council which is a superior covenant. Palace Capital and their solicitors acted expeditiously in the grant of the necessary licence to assign.

The Directors are continuing to actively manage the portfolio in the interests of shareholders and hope to make further announcements in due course.

Enquiries:

Palace Capital plc

Neil Sinclair, Managing Director

Tel: [phone]

Fairfax I.S. PLC

Katy Birkin/Ewan Leggat

Tel: [phone]

Lehmann Communications plc

Ronel Lehmann

Tel:  [phone]

 

END

 

 

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