Work on £35m ‘prestigious development’ in York city centre set to begin

Development of a mixed-use scheme in York city centre comprising of 127 apartments and 34,500 sq ft of office space, is to begin this month after Yorkshire-headquartered Caddick Construction were awarded the contract. 

Palace Capital, a listed property investment company, has announced that it has awarded the £35m building contract for its Hudson Quarter scheme to Caddick. Demolition has already been completed and construction is expected to commence this month with completion scheduled for early 2021. The development scheme will comprise of 127 apartments, 34,500 sq ft of offices, 5,000 sq ft of commercial space, plus car parking.

Last week, Palace Capital announced that the company had arranged a £26.5m debt facility with Barclays Bank, through its Leeds office, to part finance the scheme with the remainder funded from the company’s existing cash resources. 

Andrew Murray, Managing Director of Caddick Construction, said: “This is a prestigious development in the heart of York city centre so we feel very privileged to be part of this development. The Caddick team is looking forward to the next two years where we will see new life being breathed into Hudson Quarter.” 

Neil Sinclair, Chief Executive of Palace Capital, added: “We are delighted that we will be working with Caddick Construction over the next two years to construct this exciting development situated only one minute’s walk away from York Railway Station and within the historic walls of York City.”