Developers snap up City of Culture sites
Prime sites in Hull are being targeted by local and out-of-town developers looking to capitalise on its City of Culture status.
Doncaster-based Empire Property Concepts is planning a commercial and residential project after completing the acquisition of the Miss Buffet Chinese restaurant side in Jameson Street.
Sheffield-based BMV 1 has announced plans for the redevelopment of the nearby former Lloyds Bank in George Street for residential use on the upper floors and a commercial unit on the ground floor.
Garness Jones, which acted in both acquisitions, is also working with the new owner of King William House, an 80,000 sq ft office block in Hull’s Old Town where planning permission is being sought for conversion to 30 apartments with four commercial units on the ground floor.
Paul White, agency director of Garness Jones, said: “City of Culture has brought positive press for Hull and what we have seen in particular over the last 12 months is a lot of interest from inward investors from out of town. They want to get a piece of the action in Hull and we are trying to get a balance between residential, office, retail and leisure.
“A lot of buildings in the city centre have been vacant for many years and are now being brought back into use. The redevelopment work will create jobs and the new uses will bring opportunities. Hopefully the change in the city centre environment will attract more offices and other businesses into the city centre.”
Empire has built up a track record of converting offices and refurbishing existing apartments to create new residential opportunities across the region. Paul Rothwell, managing director, bought the Jameson Street site after completing a successful conversion above Heron Foods in Paragon Street.
He said: “We’ve created 19 apartments in Paragon Street and lettings are going really well. In just a few months we’ve got up to nearly 70%. We expect to start work in Jameson Street in the next three or four weeks and will provide 18 student bedrooms on the three upper floors plus ground floor commercial space.
“Hull has been neglected for a number of years and finally the Government and others are taking an interest. There is a lot of positive activity going on around City of Culture and Siemens and we are looking to buy more properties in the city.”
Garness Jones is contacting restaurant operators for the ground floor and is looking at the restaurant and gym sectors for the George Street site.
Mark Harrison, director of BMV 1, said: “The prices in places like Manchester, Sheffield, Leeds and Nottingham have gone through the roof but there is a lot going on in Hull and that’s why I like it. I normally sell developments for other developers but this will be my first big job.”
King William House was sold to a Hull-based develop last year and a planning application for conversion to residential use has now been submitted.
A second application for the ground floor commercial development is likely to be lodged later this year.
