Retail park bought by city council
Regional Chartered Surveyors Scotts Property have announced the sale of Myton Retail Park, a mainly vacant 39,000 sq ft retail park on a 2.76 acre site, to Hull City Council.
Tim Powell, a partner at Scotts who handled the sale on behalf of the official receivers Savills, confirmed the site had previously been identified to be used during the construction of the £355m A63 Castle Street improvement works.
This is a five-year project to upgrade the A63 Castle Street, a vital access route through the city centre.
Following objections and an alternative site being found, the land was removed from the development consent order and became available to the market as a prime gateway site.
The site was subsequently marketed, and after a lengthy negotiations the sale was agreed with Hull City Council.
Powell said while the site had lost its occupiers in recent years, this was not a reflection of the importance of this location in the context of the city centre and its visibility to those traveling through Hull.
He added that the sale is an important step forward, which will allow the council to invest in the city centre, improving its attractiveness as a place to visit, live, work and play.
The retail park sale was assisted by Peter Woods of Knight Solicitors and Dan Mason of Realm LTD.
