Palace Capital has revealed plans to target the acquisition of buildings near city centre train stations that offer plenty of room for capital growth.
The AIM-listed regional property investor is specially looking to purchase properties in Yorkshire, in areas across York, Sheffield and Leeds, where a growing number of commuters are abandoning their cars for public transport.
The firm owns more than £50m worth of property in Yorkshire, making up over 30% of its total portfolio, which includes Broad Street Plaza in Halifax, Hudson House in York and Bank House and Warwick House, both in Leeds.
Palace Capital’s chief executive, Neil Sinclair, told The Yorkshire Post: “Three years ago we made our first significant transactions in Yorkshire with two buildings in Leeds - Warwick House and Gelderd Point in Morley, the latter of which we subsequently sold.”
Palace Capital purchased Bank House 18 months ago for £10m and has just finished refurbishing the first floor ready to let in the New Year.
“It’s [Bank House] two minutes from the station,” said Sinclair. “We think the future is going to be owning properties near railway stations as fewer people use their cars and more people travel by train.”
He added: “We never worry about the size of a property, it depends on where it is and we look at the potential. Bank House is two minutes from Leeds station so there is always going to be demand. We also look at opportunities where we can improve the building by creating more space and upgrading it.”