Palace Capital Plc - New lease at Sol Northampton
PALACE CAPITAL SIGNS 15 YEAR LEASE AT SOL NORTHAMPTON
Palace Capital (LSE: PCA), the Main Market listed property investment company that has a diversified portfolio of UK regional commercial real estate in carefully selected locations outside of London, has completed a 15 year lease for 12,800 sq ft with Soo Yoga Group ("Soo Yoga") at its Sol Northampton leisure scheme. It is a first letting agreement for Soo Yoga, which is a company controlled by former England Rugby International, Ben Cohen MBE and Kristina Rihanoff, the world finalist professional ballroom dancer who appeared on the BBC's Strictly Come Dancing.
Soo Yoga Group, which will open a holistic yoga studio and wellness facility that will also have a vegan café, has signed at a headline rent of £85,000 per annum, with RPI-linked uplifts and a minimum uplift at first review to £100,000 per annum. The lease terms include a nine month rent-free period and a break at 10 years.
Acquired by Palace Capital in 2015, Sol Northampton is a 200,000 sq ft leisure development located five minutes' walk from Northampton railway station. Completed in 2002, current occupiers include Vue Entertainment, which has a 10 screen cinema at the scheme, Accor Hotels and Fitness for Less.
Commenting, Richard Starr, Executive Property Director at Palace Capital said:
"Since acquiring Sol Northampton, we have undertaken a number of enhancements tailored to the scheme and are now working to improve the offering so that it holds greater appeal to a wider catchment that includes the affluent surrounds of the town. While the leisure sector has gone through somewhat of a difficult period of late, we are very pleased with our latest signing, which is fully in line with our strategy, and there has been encouraging interest in the remaining space which gives us confidence for the future of the asset."