Palace lets Copperfields flats
Palace Capital has let 13 flats at the Copperfields shopping centre in Dartford, Kent, to Dartford Borough Council.
Copperfields is a small shopping centre with 10,000 sq ft of offices above. It was bought from Quintain as part of the Sequel Portfolio in October 2013.
Shortly afterwards the tenant occupying the offices served notice to vacate and Palace Capital use permitted development legislation to convert the first-floor into 13 self-contained flats.
Palace Capital has let 13 flats at the Copperfields shopping centre in Dartford, Kent, to Dartford Borough Council.
Copperfields is a small shopping centre with 10,000 sq ft of offices above. It was bought from Quintain as part of the Sequel Portfolio in October 2013.
Shortly afterwards the tenant occupying the offices served notice to vacate and Palace Capital use permitted development legislation to convert the first-floor into 13 self-contained flats.
Dartford Borough Council will now take possession of all 13 flats on a 10-year lease.
The lease has no break and provides rental income of £146,500 per annum, inclusive of service charge, to Palace Capital, rising annually by 2.5%. There is a rent-free period until mid-April 2017.
Neil Sinclair, chief executive of Palace Capital, said: “When we acquired the Copperfields there were vacant retail units, retail tenants with serious rent arrears and an office tenant where the lease had a break clause which had been exercised. Our brand of active management is to maximise value and income.
“After meeting senior officers of the council to discuss their plans for the town, we placed a building contract to convert the vacant offices into flats. As a result, we have secured a gilt-edged tenant in a growth location, eliminated empty rate payments on the vacant offices and have secured an income stream until 2027.”
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