Hudson House is an office building, built in the 1960s within York's City Walls and a one-minute walk from York Railway Station, with 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. If approved, this will reduce the annual outgoings of the Company by approximately £750,000 per annum as empty rates and service charge will no longer be payable.
Neil Sinclair, Chief Executive of Palace Capital, commented: “This is the first stage in implementing the planning consent for this exciting scheme close to York Station in one of the fastest growing cities in the UK. At the same time, we will be reducing our outgoings by a very significant amount thus increasing the net income for the benefit of our shareholders.”