Hudson Quarter development in York is on track for completion next March

Regional property investment firm Palace Capital said its Hudson Quarter development in York is on track for completion next March and the remaining expenditure is fully funded by Barclays, with over 25 per cent of the 127 apartments already sold.
The Hudson Quarter topping outThe Hudson Quarter topping out
The Hudson Quarter topping out

The firm is redeveloping a two-acre site that is a minute’s walk from York railway station within the city walls.

Described as the group's flagship project, it will include 127 flats and 39,500 sq ft of Grade-A office space, located in four buildings around a landscaped central courtyard.

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The scheme will also include a new landscaped link from the train station, opposite the site, through to Toft Green and then onto Micklegate. The new office building will be the first of its kind of this size to be built speculatively in York City Centre for more than 10 years.

The firm said the Hudson Quarter York construction site remained open throughout lockdown with strict social distancing measures in place for site staff and the marketing suite has now reopened.

Neil Sinclair, chief executive of Palace Capital, said: "During the year we strategically increased our development and refurbishment activity to create an even stronger portfolio that can meet the demand we are seeing outside of London for well located, fit for purpose property, which will also deliver higher quality income and capital growth.

"We believe our commitment to a total return strategy focused on the regions will deliver outperformance and enhance shareholder value over the long-term. Our strength in the regional office and industrial sectors, taking advantage of the structural dynamics across the economy whilst limiting our exposure to the retail and leisure sectors, has enabled us to beat the MSCI benchmark on both a one and three year basis."

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He said the firm has exchanged contracts on 32 apartments at Hudson Quarter York, with a further five under offer.

"Covid-19 has slightly slowed our progress, pushing out practical completion by approximately two months, however activity is picking up again at the marketing suite and online interest is encouraging," he added.

"We remain positive about our ability to grow income and ultimately pay a sustainable level of dividends to our shareholders, despite the current political and economic uncertainty."

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