Deal agreed for Yorkshire Forward asset
ENGINEERING business C Spencer has acquired Island Wharf in Hull from Yorkshire Forward.
Island Wharf was one of the assets placed on the open market following the Government’s decision to close regional development agencies.
The 8.6 acre site has been sold for an undisclosed sum above the £2.9m asking price.
C Spencer is relocating from its former base at Barrow Upon Humber, North Lincolnshire to the site, which includes a 213 multi-storey car park, Humber Quays offices, residential scheme Freedom Quay and development land.
Jones Lang LaSalle acted on the sale of the 3.3 acre site on behalf of Yorkshire Forward.
David Custance, Yorkshire Forward’s director of urban renaissance and property, said: “We are delighted that we have secured this sale as part of Yorkshire Forward’s disposal strategy. This will realise important investment and activity in this area of Hull.”
The sale follows Yorkshire Forward agreeing last week to sell its Victoria Place headquarters to The Medical Protection Society.
Humber Quays 1 has 21,780 sq ft on four levels with the first floor let to RBS on a 15-year lease. Humber Quays 2 is sold on a long leasehold basis to Priority Sites with a peppercorn rent.
The site also includes 4.1 acres of development land which, subject to planning permission, could support further development at Humber Quays with potential for offices, retail and leisure space, 450 homes, an hotel and a riverside walkway.
A further area included in the sale totals 1.23 acres and was earmarked for development to provide car parking for Humber Quays.
Richard Harris, director in Jones Lang LaSalle’s Leeds-based national industrial and logistics team, said the deal was one of the biggest in Hull this year there were several bidders for the site.
