MIDAS UPDATE: Canny property veterans watch income soar by 57% at Palace Capital

Property group Palace Capital prides itself on being different to its peers. The company focuses on commercial property outside London, it is run by two men in their 70s and the aim is virtually to triple in size over the next three years.

Midas tipped the shares exactly two years ago, when they were 312½p. Today, they are 345p and should rise considerably as the company continues to expand.

Founders Stanley Davis and Neil Sinclair have spent their entire working lives in the sector so they have a wealth of experience. 

They have also built up a large network of contacts, so they try to buy property before it comes on to the market, when prices tend to be lower and transactions tend to complete more quickly.

Palace looks for properties in fast-growing towns and cities, such as York, Milton Keynes and Northampton. Formed in 2010, the business has amassed a portfolio of more than 50 properties, valued at £180 million. Over the next three years, Davis and Sinclair are keen to take this up to £500 million.

Having been through several downturns during their long careers, both are innately cautious. They are also canny, concluding many of their deals in August or around Christmas, for example, when vendors are keen to sell and most buyers are otherwise engaged. 

By | 2018-03-30T07:38:30+00:00 October 24th, 2016|News|0 Comments