Palace Capital sells property for £1.09m

(ShareCast News) - Property investment company Palace Capital has sold its freehold vacant warehouse property in Victoria Road, Stoke-on-Trent, for £1.09m, which was slightly above book value.The 40,000 sq ft building was originally let for 35 years from 1980 to Portmeirion, but it became vacant in September of last year. It formed part of the Sequel Portfolio acquired from Quintain Estates & Development in October 2013.Palace Capital had already secured £0.25m by way of a settlement of a schedule of dilapidations and has now sold the property to a private group.Chief executive Neil Sinclair said: "This sale is the result of our active management and the continuation of the recycling of our capital where properties are either vacant or have no realistic prospect of growth. In addition, the company will no longer be responsible for empty rates and as it was not charged the proceeds received can be directed towards acquiring properties that fulfil our investment criteria."At 1447 BST, Palace Capital shares were up 0.7% to 324.90p.