Palace Capital PLC Record office rent in Hudson Quarter, York (3981C)
10 Febbraio 2020 - 8:00AM
UK Regulatory
TIDMPCA
RNS Number : 3981C
Palace Capital PLC
10 February 2020
10 February 2020
Palace Capital PLC
("Palace Capital" or the "Company")
Palace sets record office rent in York with Hudson Quarter
pre-let
Palace Capital (LSE: PCA) the Main Market listed REIT that has a
diversified portfolio of UK commercial real estate in selected
locations outside London, announces that it has set a record office
rent in York City with the completion of a pre-let agreement with
solicitors firm Knights LLP ("Knights"), part of Knights plc, at
its flagship Hudson Quarter mixed-use development. It marks the
first commercial agreement at Hudson Quarter, which is due to
complete in the first quarter of 2021 and where 30% of the
residential units are already sold or under offer.
Knights is taking 4,588 sq ft of ground floor office space on a
10 year lease at GBP12.50 per sq ft for the first two years, after
which point the rent will rise to GBP25.00 per sq ft, marking a
record office rent for the City of York, with an upward only rent
review at five years.
Until the completion of Hudson Quarter, Palace is accommodating
Knights at its newly refurbished office space at nearby Museum
Street where they have taken occupation of 3,100 sq ft and where it
has signed a two year lease, also at GBP25 per sq ft, with a break
option after one year.
Hudson Quarter, which is located within the walls of the City of
York, will eventually comprise four separate buildings. A total of
127 apartments will be delivered in three of the blocks, which will
be named Victoria, Waverley and Kings, in a nod to York's railway
heritage. The offices being let to Knights comprises all of the
commercial space available in the Victoria building. Waverley and
Kings will be entirely residential, while the fourth building, to
be known as HQ, will provide a further c.35,000 sq ft of grade A
office space.
Commenting on the letting, Neil Sinclair Chief Executive of
Palace Capital plc said: "To have completed our first commercial
pre-let a full year ahead of Hudson Quarter's completion and at the
same time setting a new rental tone for York is very pleasing.
Moreover, our ability to secure this lease while accommodating
Knights at our other asset in the City of York in the interim is
testimony to our asset management skills and ability to manage
occupier needs across our portfolio.
This is the first time in more than 10 years that new, grade A
speculative office space is being offered into the York market,
where supply is very tight alongside growing demand, and we are
seeing strong appetite for the remainder of the office space we
have on offer."
For further information please contact:
PALACE CAPITAL PLC
Neil Sinclair, Chief Executive
Stephen Silvester, Finance Director
Tel. +44 (0)20 3301 8331
Broker
Numis Securities
Heraclis Economides / George Fry
Tel: +44 (0)20 7260 1000
Broker
Arden Partners plc
Corporate Finance: Paul Shackleton / Ciaran Walsh / Daniel
Gee-Summons
Corporate Broking: James Reed-Daunter
Tel: +44 (0)207 614 5900
Financial PR
FTI Consulting
Claire Turvey / Methuselah Tanyanyiwa
Tel: +44 (0)20 3727 1000
palacecapital@fticonsulting.com
About Palace Capital plc (www.palacecapitalplc.com)
Palace Capital plc (LSE: PCA) is a UK REIT that has a GBP275.8
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 select
assets that provide opportunities to drive both capital value and
long-term rental income through tailored active asset management
programmes ultimately delivering attractive shareholder
returns.
www.palacecapitalplc.com
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END
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