Palace Capital – 321p

12 February 2018 – demolition of Hudson House, York

The property investment company has announced that it has accepted a tender for the demolition of Hudson House, Toft Green, York.  The appointed contractor is now on site and the demolition is scheduled to take approximately seven months.  Hudson House is a 1960s office building within York’s City Walls and a one-minute walk from York Railway Station.  It has a net floor area of 103,000 sq ft on a two acre site. The Company was granted planning permission in August 2017 to demolish the existing property and erect four new buildings comprising 127 apartments, 34,000 sq ft of offices, 5,000 sq ft of other commercial/restaurant space and car parking.  The company has instructed its rating advisers to apply to the Valuation Office for the property to be removed from the Valuation List as it will no longer be capable of beneficial occupation. This may reduce the annual outgoings of the company by approximately £750k per annum in empty rates and service charges if successful.  We continue to rate the shares as a BUY.

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