Palace Capital has submitted a planning application to the City of York Council to refurbish and convert Hudson House, next to York railway station. It hopes to start work next year.
Hudson House was part of a portfolio of 24 assets acquired from Quintain Estates & Development in October 2013.
The property was built in 1965 by British Rail's property department and comprises approximately 103,000 sq ft of office space. The planning application seeks a change of use to convert the majority of the building to residential accommodation providing 82 studio, one and two bedroom apartments. The remaining 37,000 sq ft will continue as office use but will be refurbished to Grade A standard.
Palace Capital chief executive Neil Sinclair said: "This is an exciting opportunity both for the City of York and Palace Capital. It demonstrates the active management that is ongoing right across the company's portfolio.”