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London property firm shrugs off Brexit fears with seven-figure disposal

Property investment firm Palace Capital plc has announced it has sold the freehold of its Argent House and Argent Court property in Surrey for £1.2m.

The deal, announced to the stock exchange this morning, comes as the property group’s Chief Executive, Neil Sinclair vowed to forge on with portfolio sales despite the ongoing uncertainty as a result of the EU referendum.

Built in 1990, the Surrey property in Surbiton, consists of a two storey office building measuring in at around 12,500 sq ft, along with six two storey business units that come in at around 15,000 sq ft, providing an aggregate floor area of 27,500 sq ft.

Palace Capital, who focus mainly on investments outside London, acquired the property in October 2013 from Quintain Estates and Development.

Commenting on the deal, Neil Sinclair, Chief Executive of Palace Capital, said: “Contracts were exchanged and the sale completed yesterday.

“Notwithstanding the uncertainty created by the Referendum vote we will continue to recycle our capital, focussing on those properties where we consider that there is little opportunity for growth.

“Negotiations are continuing on selling other properties which are currently vacant and we will update shareholders in due course.”

Palace say that the sale price is £300k above the book value of the property, with a long lease of Argent Court granted in November 2013 for £800k and another long lease for one unit granted in December 2013 for £270k.

Cattaneo Commercial of Kingston acted for Palace Capital in the deal.

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