Seven figure deal agreed for historic commercial building

A property company has paid more than £1m for a building at Princes Quay, in Hull.

The 11,974 sq ft mixed use unit and attached land has been bought by Wykeland Properties.

The three-storey building, Warehouse 6, dates back more than 100 years and sits alongside the Princes Quay shopping and leisure centre. The current occupiers, including ASK Italian Restaurant, will remain in the unit as part of the sale.

Shulmans LLP, acting on behalf of Hull Realty Limited, assisted on the sale of the property.

Mickola Wilson at Seven Dials Fund Management, which represent Hull Realty Limited, said: “We are incredibly pleased with the completion of the sale.

“We appointed Shulmans LLP as the leading real estate firm in the region, and the team’s expertise has been invaluable in enabling us to reach a successful conclusion.”

Peter Woods, in the Shulmans Commercial Property team, said: “We are delighted to have completed the sale on behalf of Hull Realty Limited.

“The ongoing investment in Hull’s infrastructure represents an exciting time for the city, and this deal enables Hull Realty to focus its future business interests on Princes Quay.”

He said the deal concludes complex legal proceedings spanning more than a year, that involved varying the lease held by Hull Realty from Hull City Council and part surrendering and negotiating a new lease for Warehouse 6 in readiness for sale.

Permission for the lease was also granted from Highways England with respect of the construction works underway on Princes Quay Bridge.

The pedestrian footbridge that crosses the A63 is part of a multi-million-pound transformation project to develop the waterfront and improve public access.

 

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