Palace Capital has selected the Caddick Group to undertake the £35m construction of the Hudson Quarter development in York.
Palace Capital has a diversified portfolio of UK regional commercial real estate in carefully selected locations outside of London.
This is a prestigious development in the heart of York city centre so we feel very privileged to be part of this development.Neil Sinclair, Chief Executive of Palace Capital
Palace Capital announced it had arranged a £26.5 million debt facility with Barclays Bank, through its Leeds office, to part finance the scheme with the remainder funded from the company’s existing cash resources.
Demolition has already been completed and construction project from Wetherby-based Caddick is expected to commence this month with completion scheduled for early 2021. The development scheme will comprise of 127 apartments, 34,500 sq ft of offices, 5,000 sq ft of commercial space plus car parking.
Neil Sinclair, Chief Executive of Palace Capital, said: “We are delighted that we will be working with Caddick Construction over the next two years to construct this exciting development situated only one minute’s walk away from York Railway Station and within the historic walls of York City.”
Andrew Murray, Managing Director of Caddick Construction Ltd said: “This is a prestigious development in the heart of York city centre so we feel very privileged to be part of this development. The Caddick team is looking forward to the next two years where we will see new life being breathed into Hudson Quarter.”