Posted on 08 Feb 2016

APPROVAL FOR 1960S OFFICE TRANSFORMATION


Property investor Palace Capital has won planning approval to transform a 1960s office building in York into 139 apartments.

The consent for Hudson House at Toft Green has been secured under the UK Permitted Development legislation under which owners apply for a determination as to whether approval will be required for a change of use from offices to residential.

The City of York Council has confirmed that no such approval will be required.

Hudson House is a 103,000 sq ft office building built in the 1960s that was originally occupied by Network Rail.  It is located very close to York Railway Station and the recently acquired offices of the City of York Council.

Neil Sinclair, chief executive of Palace Capital, said: "York is not only one of the fastest growing cities in the UK, but the residential market in the city is particularly strong, both on sales and lettings.

"We are currently evaluating our options in the light of this approval and the imminent secondary legislation as to how we create further value from this important asset and will keep shareholders updated on the progress that we make."

Palace Capital also has a planning application currently with the City of York Council for a conversion of the existing building to 82 apartments and 37,000 sq ft of offices and these discussions are ongoing.