Palace Capital PLC Manchester letting (3194N)
August 08 2017 - 1:00AM
UK Regulatory
TIDMPCA
RNS Number : 3194N
Palace Capital PLC
08 August 2017
Palace Capital plc
("Palace Capital" or the "Company")
Palace Capital concludes Manchester letting
Palace Capital, the property investment company that focuses on
commercial property outside London, announces that it has concluded
its first letting at Boulton House, Chorlton Street, Manchester
following its completion of the building's refurbishment.
The Company acquired Boulton House, which comprises 75,000 sq ft
of multi-let offices, in August 2016 for GBP10.6 million and the
passing rents at that time were between GBP11.50 & GBP14.00 per
sq ft. Palace Capital subsequently embarked on a scheme of
refurbishment on the common parts and 18,000 sq ft of vacant
offices and this was completed in February of this year.
The Company has now let 5,200 sq ft on the 7th floor to The
Broome & Wellington Group on a 10-year lease with a rent review
and mutual option to determine at the end of the 5th year. Palace
Capital will receive a rental income of GBP52,333 per annum over
the first 18 months, rising to GBP100,915 per annum thereafter,
until the rent review and mutual break at the end of the fifth
year. This equates to a headline rent of GBP17.25 per sq ft per
annum.
Neil Sinclair, the Chief Executive of Palace Capital, commented:
"We are delighted with this letting to the Broome & Wellington
Group. We pressed ahead with the refurbishment as we had confidence
in the resilience of the Central Manchester office market. We have
received considerable interest in the remainder of the vacant
space, comprising 12,800 sq ft, including a number of inspections
by prospective tenants."
Date: 8 August 2017
For further information, contact:
Palace Capital plc
Neil Sinclair, Chief Executive
Stephen Silvester, Finance Director
Tel. +44 (0)20 3301 8331
Allenby Capital Limited (Nominated Adviser and Joint Broker)
Nick Naylor / James Reeve
Tel. +44 (0)20 3328 5656
Arden Partners plc (Joint Broker)
Chris Hardie / Ciaran Walsh
Tel. +44 (0)207 614 5917
Capital Access Group (Financial PR)
Scott Fulton
Tel. +44 (0)20 3763 3400
About Palace Capital plc:
Palace Capital is a UK property investment company admitted to
trading on the AIM Market of the London Stock Exchange (LSE: PCA).
The Company is not sector specific and looks for opportunities
where it can enhance the long-term income and capital value through
asset management and strategic capital development in locations
outside London. In its last reported financial year, Palace Capital
produced a 20.0% increase in adjusted profit before tax, a 7.0%
uplift in EPRA NAV and a 16.0% increase in dividends.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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