Palace Capital has agreed a “crucial” lease surrender at its Sol Central scheme in Northampton.
The regional investment company has agreed the deal with Gala Casinos, which paid £3m in order to dispose of 28,000 sq ft of space and paid a further £805,000 in dilapidations. Gala had been signed up until March 2028, paying a rent of £312,852 per annum.
Palace will now be liable for empty rates of £270,000 per annum. As a result of the deal it will now be able to push ahead with its reconfiguration of the 190,000 sq ft mixed-use leisure scheme it bought for £20.7m in June from O&H Northampton.
Neil Sinclair, chief executive of Palace Capital, said: “We have instructed a professional team to reconfigure and revitalise Sol Central and securing possession of the Gala premises is a crucial element of the company’s plans. Preliminary plans have already been received, which we are evaluating, but the first impressions are exciting.”
