Palace Capital to market next sales in early 2025

Palace Capital is planning its next disposals as the wind-down of the company continues. In an interim results statement for the six months to 30 September, chairman Steven Owen said the company had sold £28.8m of assets and has exchanged on a £3.1m sale in Fareham.  After that deal completes, Palace will have just six investment properties remaining, valued at £51.7m as at 30 September 2024. “Following the completion of asset management initiatives, it is expected that three of these assets will be marketed for sale in the first quarter of 2025 and the sale of these assets, together with the completion of Fareham, are expected to generate significant cash proceeds to be returned to shareholders,” Owen said. “The remaining three assets require the completion of further asset management activities in order to be ready for sale. In addition, there are 11 apartments remaining at Hudson Quarter in York, which are valued at £5.5m, and sales of these will continue subject to market conditions.” The group’s adjusted profit before tax reduced by 8.7% to £2.1m, which it attributed to income lost through disposals but which was offset by a “significant reduction in finance costs and recurring administrative expenditure”.