Retail park nears completion after securing £1.5m funding package

Developers are nearing completion of a new retail park in Hull after securing £1.5m commercial loan.

Ten shops at the Monks Way Retail Park on Wawne Road, Kingswood, are set to be finished by early August.

Commercial property experts Priority Space approached specialist lender Together, to buy the land and build the shops with floor space ranging from 470s q ft to 2,880 sq ft.

Monks Way Retail Park is part of a wider £2.5m development designed to create jobs and help businesses grow. Hull City Council had already granted planning permission for ten retail units on the land.

Barry Dillon, regional development director for Yorkshire at Together, said: “Once completed in the next few months, this will be a really impressive scheme.

“We have worked closely with Priority Space and other partners involved in this project to provide the fast and flexible finance package they needed to turn this area into a vibrant regional commercial and residential hub.”

Together, which is based in south Manchester and provides commercial and development finance, provided a short-term loan, secured against land to the west of Wawne Road.

The mixed-use retail development is part of a partnership between the council and property consortium KSHP – made up of housing developers Keepmoat, Strata Homes and Persona – part of Home Group – as well as Priority Space.

Once complete, the development will include a One Stop convenience store, a veterinary practice, pharmacy, bakery and takeaways, plus a family restaurant. The scheme will also see an extension at nearby Broadacre Primary School, two new public parks and a new nursery.

Adam Richardson, director at Priority Space, said: “We’re now just a couple of months away from practically completing the scheme with seven out of the ten retail units under offer and in solicitors’ hands. Without the Together Group we would never be in this position.”