Palace Capital leases space to celebrity-backed yoga operator

19th Feb 2019 10:09

(Sharecast News) - Regional commercial property investment company Palace Capital has completed a 15-year lease for 12,800 square feet with Soo Yoga Group at its Sol Northampton leisure scheme, it announced on Tuesday.The London-listed form said it was a first letting agreement for Soo Yoga, which is a company controlled by former England Rugby International, Ben Cohen MBE, and Kristina Rihanoff, the world finalist professional ballroom dancer who appeared on Strictly Come Dancing.It said Soo Yoga Group, which will open a holistic yoga studio and wellness facility that would also have a vegan café, had signed at a headline rent of £85,000 per annum, with RPI-linked uplifts and a minimum uplift at first review to £100,000 per annum.The lease terms included a nine month rent-free period and a break at 10 years.Acquired by Palace Capital in 2015, the board described Sol Northampton as a 200,000 square foot leisure development located about a five minutes walk from Northampton railway station.Completed in 2002, current occupiers included Vue Entertainment, which has a 10-screen cinema at the scheme, as well as Accor Hotels and Fitness for Less."Since acquiring Sol Northampton, we have undertaken a number of enhancements tailored to the scheme and are now working to improve the offering so that it holds greater appeal to a wider catchment that includes the affluent surrounds of the town," said Palace Capital's executive property director Richard Starr."While the leisure sector has gone through somewhat of a difficult period of late, we are very pleased with our latest signing, which is fully in line with our strategy, and there has been encouraging interest in the remaining space which gives us confidence for the future of the asset."