Business
Demolition of Hudson House, York
Demolition of Hudson House, York.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 5039E Palace Capital PLC 12 February 2018 \n\nPalace Capital PLC\n(\"Palace Capital\" or the \"Company\")\n \nDemolition of Hudson House, York\n \nPalace Capital plc, the property investment company that focuses on commercial property predominantly outside London, announces that it has accepted a tender for the demolition of Hudson House, Toft Green, York (\"Hudson House\") and the appointed contractor is now on site. The demolition is scheduled to take approximately seven months.\n \nHudson House is an office building, built in the 1960s within York's City Walls and a one-minute walk from York Railway Station, with a net floor area of 103,000 sq ft on a two acre site. The Company was granted planning permission in August 2017 to demolish the existing property and erect four new buildings comprising 127 apartments, 34,000 sq ft of offices, 5,000 sq ft of other commercial/restaurant space and car parking. \n \nThe Company has instructed its rating advisers to apply to the Valuation Office for the property to be removed from the Valuation List as it will no longer be capable of beneficial occupation. If approved, this will reduce the annual outgoings of the Company by approximately £750,000 per annum as empty rates and service charge will no longer be payable.\n \nNeil Sinclair, Chief Executive of Palace Capital, commented: \"This is the first stage in implementing the planning consent for this exciting scheme close to York Station in one of the fastest growing cities in the UK. At the same time, we will be reducing our outgoings by a very significant amount thus increasing the net income for the benefit of our shareholders.\"\n \nDate: 12 February 2018\n \nFor further information, contact:\n \nPalace Capital plc\nNeil Sinclair, Chief Executive\nStephen Silvester, Finance Director\nTel. +44 (0)20 3301 8331\n \nAllenby Capital Limited (Nominated Adviser and Joint Broker)\nNick Naylor / James Reeve / Asha Chotai\nTel. +44 (0)20 3328 5656\n \nArden Partners plc (Joint Broker)\nChris Hardie / Ciaran Walsh\nTel. +44 (0)207 614 5917\n \nCapital Access Group (Financial PR)\nScott Fulton\nTel. +44 (0)20 3763 3400\n \nAbout Palace Capital plc (www.palacecapitalplc.com):\n \nPalace Capital is a UK property investment company admitted to trading on the A...