Palace Capital sells Maldon property for £3.9m

Property investment company Palace Capital has sold the ICS Buildings in Maldon, Essex, for £3.9m to the MCR Property Group Limited.

The sale price is £1.56m higher than the last independent valuation of the property at the end of September 2016.

The ICS Buildings were part of the Sequel Portfolio acquired from Quintain in October 2013 and comprise a listed office building and a warehouse building with a total net area of around 75,000 sq ft.

The buildings are currently let to Rockwell Automation until June 2017 at a rental income of £375,000 per annum exclusive.

In December 2016, the company announced that Rockwell had signed a 10-year lease extension from June 2017, with mutual breaks in June 2020 and June 2024. The initial rental income will remain at £375,000 a year exclusive and a rent review has been agreed as at June 2022, indicating a rent of not less than £394,128 a year.

Chief executive Neil Sinclair said: "Following on from our sales announced on 24 February 2017, this is another example of our brand of active management enabling us to recycle our capital and to create significant value for our shareholders.

“This property had limited potential and, being uncharged, it enables us to invest the monies to be received in more suitable and strategic income producing opportunities."