LONDON (Alliance News) - Palace Capital PLC Monday said it has submitted a planning application to the City of York Council for a change of use to convert the majority of Hudson House into residential accommodation.
The property investment company acquired Hudson House from Quintain Estates & Development PLC in 2013. The property comprises approximately 103,000 square feet of office space, of which about 55,000 is let on short-term tenancies while the remainder is empty.
Palace Capital said it wants to convert the majority of the building into residential accommodation providing 82 studio, one and two bedroom apartments. The remaining 37,000 square feet which it doesn't convert will continue to be used as office space but will be refurbished to "satisfy York's shortage of Grade A office space".
Palace Capital said it hopes to receive planning approval in the autumn.
"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," Chief Executive Neil Sinclair said in a statement.
"York is a fast growing city with a strong residential market and is increasingly attractive to major office occupiers. For example, Hiscox, the large insurance company, is due to complete its new 50,000 square feet office building shortly," he added.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Palace Capital (PCA)
Quadrise (QED)