Business
Approval for 139 apartments in York
Approval for 139 apartments in York.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 3091O Palace Capital PLC 08 February 2016 \n\nPALACE CAPITAL PLC (\"Palace Capital\" or the \"Company\")\n \nPALACE CAPITAL SECURES APPROVAL \nFOR 139 APARTMENTS IN YORK\n \nPalace Capital plc, the property investment company focussing on property outside London, has secured consent for 139 apartments at Hudson House, Toft Green, York.\n \nThis consent has been secured under the UK Permitted Development legislation, pursuant to which property owners apply for a determination as to whether approval will be required for a change of use from offices to residential. The City of York Council has confirmed that no such approval will be required.\n \nThe decision notice from the City of York Council was issued on 4 February 2016 and states that the use of the building for residential purposes needs to commence no later than 30 May 2016. However the Company believes that recent guidance from HM Government means that the approval will be valid until 4 February 2019. This is based on the UK Communities Secretary's response to an enquiry by the Chair of the House of Commons Communities and Local Government Committee about the Permitted Development legislation (in December 2015) which stated: \"We will allow for those applicants who already have prior approval or who secure a new prior approval to have three years from the date of their approval in which to complete the change of use.\"\n \nPalace Capital has been advised that the fact that the approval notice refers to 30 May 2016 will not prevent works being completed after this date as HM Government has indicated that it will extend the time for the Permitted Development right. \n \nHudson House is a 103,000 sq. ft. office building built in the 1960s that was originally occupied by Network Rail. It is located very close to York Railway Station and the recently acquired offices of the City of York Council.\n \nPalace Capital also has a planning application currently with the City of York Council for a conversion of the existing building to 82 apartments and 37,000 sq. ft. of offices and these discussions are ongoing.\n \nNeil Sinclair, Chief Executive of Palace Capital commented, \n \n\"York is not only one of the fastest growing cities in the UK, but the residential market in the City is particularly strong,...