The building is being marketed by real estate agents a week after Arco said it was mulling the building’s future
The Arco offices in Blackfriargate, Hull, are now up for sale(Image: Hull News & Picture)
A huge Hull building regarded as one of the city’s best offices has been put up for sale. One Blackfriargate – home to safety equipment and workwear firm Arco – has been put on the market by the company with a £9.2m price tag.
The listing comes days after Arco told Hull Live it was mulling its options for the building, saying it was considering a move into a new hub on Henry Boot Way. However, property agents Carrick Real Estate are now acting for the sale of the building, issuing impressive images of the five-storey building which has dominated the city centre since its launch in 2021.
The brochure says that the deal would include a short leaseback to Arco Limited, for nine months, suggesting plans to move out are advancing. When it was built over two years from 2019 onwards, at a cost of £16m, it marked the largest development of its kind in the city for over half a century.
The head office – on the market for considerably less than its build cost – now houses around 300 employees from a range of departments, including IT, customer care, finance and sales. But Arco says the property was designed for the pre-Covid world and in the years since, hybrid work patterns have changed the landscape and the office footprint has evolved to suit requirements.
Marketing materials by property agents at Carrick Real Estate say: “Developed in 2021, the asset provides an outstanding opportunity to acquire a prime, Grade A office with a short term leaseback. The asset occupies a commanding position overlooking Hull city centre, within immediate proximity to The Fruit Market and the awarding winning The Deep.
“From completion of the sale Arco will enter in to a 9 month lease at a rent of £777,000 per annum. The lease will be subject to a schedule of condition. The property is a five-storey, purpose built Grade A office landmark, completed in mid-2021 and widely regarded as the best office building in the city.
“The building features a contemporary design with brick façades and a fully glazed southern elevation, with the top floor stepped back to provide a stunning external terrace and a strong architectural identity.”
A total of 13 car parking spaces are included with the building and a further 200 car parking spaces have been secured in the next door multi storey car park on a long-term lease.
The brochure also highlights how Hull itself should prove to be a huge draw to companies considering a move, detailing how it has reinvented itself as a world-class centre for renewable energy and is one of the most digitally-enabled cities in the world. It also highlights how the university enrolls 16,000 students a year, and how the city is well known as a location popular with media and film production companies.
It adds: “Hull has attracted over £3bn of investment, resulting in the creation of more than 6,000 new jobs. The city boasts the UK’s busiest port complex, with Hull’s port serving as a key gateway to Europe, with Rotterdam and Antwerp only 211 nautical miles away. Over one million ferry passengers pass through the Port of Hull annually.”
Arco reiterated that it is currently exploring its options, exploring the feasibility of creating a “single, collaborative colleague hub” at its National Distribution Centre (NDC) in Henry Boot Way.
It added: “A strategic review is under way as the company seeks out opportunities to drive innovation and further enhance the experience for its customers. As part of this activity Arco is reviewing options for its Blackfriargate asset, with a plan to create additional investment opportunities in key operational facilities that deliver exceptional customer value.
“There are no plans to reduce headcount. We’re in our third consecutive year of investment and plan to develop our National Distribution Centre in nearby Henry Boot Way to move all our Blackfriargate colleagues to this facility as part of these developments. We look forward to welcoming them to their new home.”