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£26.5m funding secured to support York development

Palace Capital has secured a new £26.5m funding facility to support the mixed-use Hudson Quarter development in York.

The company, through subsidiary Palace Capital (Developments), has signed a new £26.5m loan facility with Barclays Bank.

This facility, together with existing cash resources, will part finance the mixed-use Hudson Quarter development, which will comprise 27 residential apartments, 34,500 sq ft of offices, 5,000 sq ft of commercial space and car parking.

Palace Capital acquired the two-acre site, formerly the site of the 100,000 sq ft Hudson House office building, as part of the corporate acquisition of the Sequel Portfolio from Quintain in 2013.

The company secured planning consent to demolish the existing 1960s office blocks and to replace them with the Hudson Quarter development in August 2017. Demolition was completed in December 2018 and construction work is due to start on site this month (February 2019), with completion of the scheme expected in early 2021.

Neil Sinclair, chief executive of Palace Capital, said: “We are pleased to have secured funding for this exciting new scheme located centrally in York, within the old historic walls of the city and only one minutes’ walk from the train station which can be reached from London in under two hours. We are confident that the development will attract strong interest from potential residential purchasers as well as commercial and office tenants.”

Palace Capital is advised by Numis Securities and Arden Partners.

Source: Insider Media