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10 Sep 2012 15:45
Palace Capital plc ("Palace Capital" or "the Company")
Strengthening of tenant base
Palace Capital, through its wholly owned subsidiary Hockenhull Estates Ltd ("Hockenhull"), owns nine properties in Cheshire of which five are located in Nantwich and four are located in Crewe.
One of the prime properties in Nantwich was originally let to a member of the Countrywide Estate Agents Group at a rental of £22,500 per annum exclusive to include car parking. However, this lease expired in 2010 and the tenants remained in occupation pending agreeing terms for a renewal of the lease. The board of Palace Capital decided that this was not in the Company's best interests and after the acquisition of Hockenhull in October 2011, action was taken to negotiate a renewal of this tenancy.
The Board are pleased to advise that a new ten year lease (with a break option at the end of the fifth year) has now been entered into directly with Countrywide Estate Agents (the UK's largest estate agency) at an increased rental.
The Board continue to actively manage the Hockenhull portfolio for the benefit of shareholders and to seek further suitable acquisitions.
10 September 2012
Enquiries:
Palace Capital Plc | Tel. +44 (0)20 7722 7603 |
Neil Sinclair, Managing Director |
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Allenby Capital Limited | Tel. +44 (0) 20 3328 5656 |
Nick Naylor, Chief Executive |
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Mark Connelly, Corporate Finance |
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