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LONDON (Alliance News) - Palace Capital PLC on Wednesday said has completed the surrender of a lease held by Gala Casinos Ltd at Sol Central, Northampton, which the company acquired in June for GBP20.7 million.
Gala, part of Gala Coral Group, held a lease until March 2028 on 28,000 square feet at Sol Central.
The rental payable was GBP312,852 per annum, with provision for rent review in March 2018 and 2023.
Gala Coral vacated the premises in September 2011. It continued to pay rent and outgoings as it sought to dispose of the lease.
Gala paid GBP3 million to Palace Capital to be relieved of liabilities for rent, service charge and rates.
It also paid GBP805,000, including legal fees, in settlement of any further liability for dilapidations.
Palace Capital said it will in the short-term be liable for the empty rates and service charge on the unit. It expects these to amount to about GBP270,000 per annum.
"We have instructed a professional team to reconfigure and revitalise Sol Central, and securing possession of the Gala premises is a crucial element of the company's plans. Preliminary plans have already been received, which we are evaluating, but the first impressions are exciting," Chief Executive Neil Sinclair said in a statement.
Palace Capital shares were down 1.4% at 360.00 pence on Wednesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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