Palace Capital plans to convert building in York into residential accommodation

Palace Capital, a property investment group, submitted planning permission to transform the Hudson House in York into residential accommodation.The group plans to convert the majority of the building into residential accommodation with 82 studios, and one and two bedroom apartments.Hudson House was acquired from Quintain Estates & Development in October 2013.Palace expects to receive approval from the City of York Council in the Autumn of this year.Chief executive Neil Sinclair said: "This is an exciting opportunity both for the City of York and Palace Capital. It demonstrates the active management that is ongoing right across the Company's portfolio."York is a fast growing city with a strong residential market and is increasingly attractive to major office occupiers."Shares were up 0.64% to 395p on Monday at 15:54.