City centre mixed-use building sold for more than £1m

Property company RO Group has completed the sale of a multi-let office and retail building in Hull, to Augustus House Limited, for £1,073,000.

Norwich House comprises office suites arranged over four floors and three retail units on the ground floor totalling approximately 2,948 sq m, with six car spaces.

The property houses blue chip tenants such as Regus, Scope and Newcross Healthcare Solutions.

Purchased by RO in 2006, the building is located in Hull city centre and in close proximity to the Princess Quay, New Hull Theatre and Hull Station along with large commercial outlets such as Marks & Spencer’s and Primark.

The Hertfordshire-based family owned trading business has also sold 1-4 Station Approach in Frome, for £1m to Rajan Russell. 1-4 Station Approach in Frome is a multi-let industrial estate, acquired in 2005, which comprises four units totalling 23,669 sq. ft. on a site area of approximately 1.46 acres.  

David Kershaw, General Manager of RO Real Estate, said: “The sale of both of these properties is timely considering our current strategic focus, which is to concentrate our investment on the South of England. Given the current property environment more generally we believe that this is a good time to have liquidity and further capital to take advantage of attractive opportunities which we expect will present themselves next year.

“I would like to take this opportunity to thank everyone at the RO who was involved in these transactions, as always we value our highly skilled and committed team who work very hard to make every acquisition, development or disposal a success.”

In Hull, the RO was advised by Barnsdales and Dentons UK and Middle East LLP, while Augustus House Limited was advised by Mark Brearley & Co and JMW Solicitors LLP.

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