The healthy liquidity position of Palace Capital takes risks down to a modest level, as does the overweight to regional offices and minimal shops. The Hudson Quarter mixed-development site is selling well, and profitability remains at appraisal levels. Hudson Quarter is within the York city walls, has been selling well and is a material positive, set to generate approaching £70m cash for recycling investment. The current returns from this count for zero in reported numbers or forward estimates this year. Even after having devoted significant resource to this successful site, the income yield is above the market average, and with below-market risk.
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