Business
Portfolio Update and Final Dividend Forecast
Portfolio Update and Final Dividend Forecast.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 7171X Palace Capital PLC 10 May 2016 \n\nPalace Capital plc\n(\"Palace Capital\" or the \"Company\")\n \nPORTFOLIO UPDATE AND FINAL DIVIDEND FORECAST\nThe Board of Palace Capital plc, the property investment company that focuses on real estate outside London, today announces an update on its recent activity in its commercial property portfolio. The Board is also announcing an increase to the Company's proposed final dividend for the year ended 31 March 2016.\nPortfolio update\nSince the acquisition of the Signal Portfolio from Quintain Estates & Development PLC in 2013, the Company has followed a strategy of active asset management and the Board is pleased to report exciting progress on a number of the Company's projects.\n1) Hudson House, Toft Green, York \nThe property is extremely well located in the heart of York, adjacent to the main Railway Station from which there are fast non-stop services to London. As already disclosed, the Company secured approval in February 2016 for a change of use of this 103,000 sq. ft. office building to residential use, under Permitted Development rights. The proposed scheme would provide 139 apartments.\nThe Board is also pleased to advise that in April 2016, City of York Council resolved to grant consent for a planning permission to convert the building to 82 apartments and 37,000 sq. ft. of offices, subject to the completion of a Section 106 agreement, on which considerable progress has already been made.\nThe approval, coupled with recent sales of similar buildings in York, should result in a considerable increase in the 31 March 2016 valuation. The Board is continuing to evaluate options to maximise value on this strategic site.\n2) Sol Central, Northampton\nSince the acquisition of this major 200,000 sq. ft. leisure scheme, in Summer 2015, the Company has been working with professional advisers to reconfigure the scheme and make this a vibrant leisure facility. This is a well located property in Northampton's city centre, anchored by a 10 screen Vue cinema, an Ibis hotel, a gym and other leisure facilities, together with the benefit of a 375 space multi-storey car park.\nLast year Palace Capital agreed a surre...