Palace Capital sees 'stronger than expected' interest in York project

Property investment company Palace Capital provided investors with a short update on its Hudson Quarter development in York on Friday.

Palace said the scheme, which was formally launched on 20 June, with an initial 20 apartments offered for sale, had seen "stronger than expected" interest, reflecting "the quality of the product and the buoyancy of the York market".

The AIM-listed group revealed that 22 apartments, with an aggregate purchase price of £5.8m, had now been reserved with deposits paid.

"The launch of the second phase is under consideration and Palace Capital looks forward to updating shareholders in due course," said the firm.

Palace also noted that construction was currently on time and on budget, with completion expected in early 2021.

As of 0910 BST, Palace shares had dipped 0.035% to 282.40p.