Palace Capital PLC New lease at Sol Northampton (4467H)
01 Agosto 2019 - 8:00AM
UK Regulatory
TIDMPCA
RNS Number : 4467H
Palace Capital PLC
01 August 2019
1 August 2019
Palace Capital plc
("Palace Capital" or the "Company")
PALACE CAPITAL LETS 23,500 SQ FT TO LEISURE OPERATOR AT SOL
NORTHAMPTON
Palace Capital (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 completed a 15 year lease of 23,500 sq ft with Gravity
Fitness (Northampton) Ltd at its Sol Northampton leisure scheme. It
follows the opening in June of Soo Yoga by former England Rugby
International, Ben Cohen MBE and Kristina Rihanoff, the world
finalist professional ballroom dancer who appeared on the BBC's
Strictly Come Dancing, who signed a 15-year lease at the scheme in
February. This latest letting represents 53% of the total vacant
space.
Gravity Fitness, which is based in Castleford, Yorkshire, is an
expanding leisure operator that provides indoor family activities
such as trampolining, bowling, indoor golf and wall climbing. It
has nine other locations across the UK including Bluewater in Kent,
Castleford, Corby, Edinburgh, Glasgow, Hull, Maidstone, Milton
Keynes and Norwich.
The lease agreed with Gravity Fitness is at an initial rent of
GBP141,000 per annum, with a minimum increase every five years
based on the changes to RPI plus a percentage of turnover, once it
reaches GBP1.0 million per annum. The new activity centre, which
will be in the space formerly occupied by Gala Casinos, is expected
to open in October this year. The parent company, Gravity Fitness
Ltd will be guaranteeing the terms of the lease until December
2024.
In line with its repositioning strategy for Sol Northampton,
Palace Capital will provide a 6 month rent free period and
contribute towards the fit out of the unit as it aims to continue
to attract high quality tenants and to reinvigorate the leisure
centre, which comprises over 200,000 sq ft within five minutes'
walk of Northampton Railway Station.
Neil Sinclair, Chief Executive at Palace Capital commented:
"Gravity Fitness is an exciting British company. Having met the
executive team and seen the operation in action, I am in no doubt
that they will add considerable footfall to Sol Northampton,
further broadening its appeal to a wide catchment. The opening of a
family focused entertainment venue will complement our growing
offer, which includes a Vue Cinema, Accor Hotel, Fitness for Less
and Soo Yoga, as we continue to implement our tailored asset
management plan to let the remaining 21,000 sq ft."
GCW, EJ Hales and Patrick Punch advised Palace Capital &
Savills represented Gravity Fitness.
For further information, contact:
FTI Consulting (Financial PR)
Claire Turvey / Methuselah Tanyanyiwa
palacecapital@fticonsulting.com
Tel. +44 (0)20 3727 1000
About Palace Capital plc (www.palacecapitalplc.com):
Palace Capital plc (LSE: PCA) is a Main Market listed property
investment company that has a c. GBP280 million diversified
portfolio of UK regional commercial property. The Company maintains
a disciplined investment strategy focused on towns and cities
outside of London that are characterised by thriving local
economies and strengthening fundamentals. Within those locations,
the highly experienced management team selects assets that provide
opportunity to drive both capital value and long-term rental income
through tailored active asset management programmes, ultimately
delivering attractive shareholder returns.
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END
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