Property deals worth more than a combined £13.5million are currently being negotiated by a Hull commercial agent who says it is evidence of how the city has remained an attractive proposition for ambitious investors.
Paul White, agency director at specialists Garness Jones, says the current activity in the market is an indication of strong confidence in the city’s ability to recover from the economic impact of Covid-19.
Reports have previously suggested Hull’s economy would be the worst hit by the events of the past two years, and take the longest to recover also.
However, revealing he is currently handling investment deals totalling more than £13.5m in value across the city, Mr White says there is plenty to be positive about.
“There is plenty of investment happening in Hull at present and as someone who talks to people about investment in Hull every day, and the properties available, I know there is going to be plenty in the near future too,” he said.
“We currently have a number of very high-quality properties on the market which provide great investment opportunities.
“Over the past month we have either completed sales, received initial enquiries, accepted offers or entered the process of exchanging contracts on deals totalling more than £13.5m in value.
“It is a mix of local investors who are keen to put something back into the city and professional investors from out of town who see the potential in Hull and are adding to their portfolio in the city.
“We are also attracting new money into Hull from people investing in the city for the first time as well.”
Included in the properties recently sold is Brook Chambers in Ferensway, a residential complex of 22 apartments, opposite St Stephen’s shopping centre.
This was sold on behalf of a local developer to an investor from the south east who had already made other property investments in the city.
Garness Jones also continues to market Victoria House in Park Street, a Grade II listed former Hull hospital which has attracted ‘significant interest’ from potential investors.
That has planning permission to be converted into 60 apartments, with the additional construction of a new-build three to five storey complex of 68 apartments.
Earlier this year, two city centre developments were sold to Hull-born entrepreneur Paul Luen.
He bought Queens House, a commercial block which extends around King Edward and Jameson Street, and the historic Grade II listed King’s Buildings in South Church Side, which has planning permission to be converted into 24 apartments.
“It is fantastic to see a mix of local investors and people from outside the city putting their money into Hull at present,” added Mr White.
“There has been a lot of negative press about the impact on the economy, but there are people willing to invest in providing better places to live and work in the city centre, which is exactly what we need.”
