Business
Lease renewal in Farnborough
Lease renewal in Farnborough.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 5712T Palace Capital PLC 16 October 2017 \n\nPalace Capital PLC\n(\"Palace Capital\" or the \"Company\")\n \nPALACE CAPITAL RENEWS LEASE IN FARNBOROUGH\n \nPalace Capital, the property investment company that focuses on commercial property outside London, announces that the Company has renewed the lease on Princeton House, Victoria Road, Farnborough, Hampshire.\n \nPrinceton House, which was acquired as part of the Property Investment Holdings portfolio in August 2014, is an 8,300 sq ft office building, currently used as a Job Centre, and is let to Trillium (Prime) Property Group Ltd until 1 April 2018 at a rent of £75,299 per annum.\n \nA lease renewal has now been concluded with the Secretary of State for Communities & Local Government. The new lease is for a term of 10 years from 2 April 2018, with an option to break at the end of the 5th year. The rent is £93,334 per annum exclusive for the first year rising to £140,000 per annum exclusive from year two until the end of the fifth year. If the lessee does not break at the end of the 5th year there is an upward only rent review based on the increase in the Consumer Price Index.\n \nNeil Sinclair, Chief Executive of Palace Capital, commented: \n \n\"We are delighted that we have renewed this lease in a growth town to an undoubted covenant. This demonstrates how, by using our active management skills, we continue to enhance Palace Capital's income.\"\n \nDate: 16 October 2017\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 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 strate...