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(Alliance News) - Palace Capital PLC on Monday said it has signed a pre-let agreement with solicitors firm Knights LLP for office space at its Hudson Quarter development in York, England.
The real estate investment company said that upon completion of the mixed-use development in 2021, Knights will occupy 4,588 square feet of ground floor space on a 10-year lease at GBP12.50 per square feet for the first two years, after which the rent will rise to GBP25.00 per square feet.
Until the development is completed, Palace Capital will accommodate its new tenants at its office space in Museum Street. Knights has signed a two-year lease at GBP25 per square feet for the 3,100 square feet Museum Street space, with a break option after one year.
"To have completed our first commercial pre-let a full year ahead of Hudson Quarter's completion and at the same time setting a new rental tone for York is very pleasing. Moreover, our ability to secure this lease while accommodating Knights at our other asset in the city of York in the interim is testimony to our asset management skills and ability to manage occupier needs across our portfolio," said Palace Chief Executive Neil Sinclair.
Hudson Quarter will comprise four separate buildings. Three of the buildings which will be named Victoria, Waverley and Kings, will contain a total 127 apartments. The space let to Knights comprises all of the commercial space available in the Victoria building. Waverley and Kings will be entirely residential. The fourth building will provide an additional 35,000 square feet of office space.
Palace Capital shares were up 0.2% at 328.00 pence each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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