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Investment firm Palace Capital in seven-figure Potteries property disposal

London-based property firm Palace Capital has announced that it has disposed of a freehold vacant property in Stoke-on-Trent.

The AIM-listed investment company, which focuses on commercial property outside of London, secured £1.086m for the Victoria Road warehouse from a private group, a sum which it says is slightly above book value

Palace acquired the 40,000 sq ft building in October 2013 as part of a portfolio of properties it acquired from Quintain Estates and Development, but the property became vacant last year after pottery firm Portmeirion, who had let the building for 35 years, moved elsewhere.

Neil Sinclair, the Chief Executive of Palace Capital said that the sale was part of the firm’s efforts to recycle portfolio properties that are vacant or have no prospect for growth.

He added: “In addition, the Company will no longer be responsible for empty rates and as it was not charged the proceeds received can be directed towards acquiring properties that fulfil our investment criteria.”

Rory Mack Associates of Newcastle-under-Lyme acted for Palace Capital in the deal.