LONDON (Alliance News) - Property investor Palace Capital PLC on Friday said it has secured a letting agreement for the Clayton Manor Industrial Estate in Burgess Hill in West Sussex.
The property has been let to Polar Audio Ltd, an audio products distributor, on an initial rent of GBP120,000 per year.
"This is a great letting and continues our strategy of rigorous active management right across the whole portfolio. Not only does it increase the group`s rental income, but we will also not bear any empty rates liability, which would have otherwise amounted to approximately GBP50,000 per annum," said Neil Sinclair, Palace Capital's chief executive.
Palace shares were up 2.1% to 370.00 pence on Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Palace Capital (PCA)