Palace Capital sees 25.6% rental uplift

Palace Capital has reported a 25.6% increase in rental income across 17 assets. It has completed 12 lease renewals and five rent reviews at an average of 3% above ERV. The uplift has seen Palace Capital add £438,189 per annum and increased the portfolio WAULT to 5.2 years to break. It secured a rental uplift of more than 30% on a five-year lease at Foleshill Enterprise Park in Coventry. The 77,787 sq ft warehouse is let to industrial equipment supplier Brose. Palace Capital also gained a 36% rental uplift from Rockwell Automation’s rent review at Kiln Farm in Milton Keynes, leasing 38,331 sq ft until December 2026. Neil Sinclair, chief executive of Palace Capital, said: “Generating income growth from our portfolio is part of our core strategy and also underpins our approach to capital allocation, including the significant commitments to our flagship development, Hudson Quarter, York, but also new investment in our assets at Regency House, Winchester, Sol Northampton and St James’ Gate, Newcastle-on-Tyne.”   To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette