This industrial building comprises 5,536 sq ft and was acquired by Palace Capital as part of the £32 million PIH Portfolio in August 2014. It is let until June 2021 at a rental of £40,000 per annum exclusive. The sale price was at a premium of 10% to book value as at 30 September 2017.
In addition, the Company has now completed the sale of the former Polestar building at Marsh Barton Exeter for £3.29m to Travis Perkins. This sale was announced in the Company's interim results on 4 December 2017 and also achieved a 10% premium to book value as at 30 September 2017.
Neil Sinclair, Chief Executive of Palace Capital, commented: “Although not a large sale in terms of our overall portfolio, the disposal of the West Molesey property further demonstrates our strategy of disposing of small properties or those where little value added can be achieved. This is part of our agreed strategy to actively manage our asset base, constantly seeking to retain and invest in better performing properties. We are also pleased to have completed the disposal of the Polestar building in Exeter as this had presented a number of management challenges since we acquired it as part of the Quintain portfolio in 2013.”