Posted on 26 Aug 2015

GALA SURRENDERS LEASE ON SOL CENTRAL CASINO


Gala Casino has surrendered its lease at Northampton's Sol Central, which could unlock the redevelopment of the site.

The deal was completed by Palace Capital, which acquired Sol Central for £20.7m in June 2015. Gala held a lease on the 28,000 sq ft venue until 2028, but vacated in September 2011.

The leisure operator paid Palace Capital a cash sum of £3m to be relieved of any further rent, service charges or rates, along with £805,000 to cover legal fees and any repairs.

Palace Capital will be liable for the empty rates and service charge on the unit in the short-term, which are expected to total about £270,000 per year.

Place chief executive Neil Sinclair said: "We have instructed a professional team to reconfigure and revitalise Sol Central and securing possession of the Gala premises is a crucial element of the Company's plans. Preliminary plans have already been received, which we are evaluating, but the first impressions are exciting."