Sale of vacant freehold in Stockport

RNS Number : 7359X

Palace Capital PLC

24 February 2017

 

Palace Capital plc

("Palace Capital" or the "Company")

PALACE CAPITAL SELLS VACANT FREEHOLD

Palace Capital, the property investment company that focuses on commercial property outside London, announces that it has sold, with vacant possession, Allen House, Ashton Road, Bredbury, Stockport, Greater Manchester for £1.55 million.  The sale proceeds are slightly above the book value.

This warehouse/industrial corner building comprises circa 68,000 sq ft and formed part of the Sequel Portfolio acquired by Palace Capital from Quintain plc in October 2013. The property has been empty since September 2015 when the previous lessee, Mountrose Ltd (now in administration) surrendered their lease.

GVA & Knight Frank acted for Palace Capital.

Neil Sinclair, the Chief Executive of Palace Capital, commented:

"This transaction, although not large, is important to Palace Capital for three reasons: firstly, the property is not charged so the monies received can be reinvested into an income producing property; secondly it demonstrates our ability to effectively recycle our capital; and thirdly, and most importantly, we will save circa £185,000 per annum of empty rates, security, insurance and other running costs."

-ends-

Date: 24 February 2017

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)

Scott Fulton / Jessica Bradford

Tel. [phone]

 

END

 

 

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