Hull City Council has announced the sale of several city centre units, opening the door for regeneration.
The council has facilitated the sale of 41-79 King Edward Street and 46-54 Jameson Street to Prospect 2024 Ltd. The sale of the properties helps raise capital funding which the council says will bring forward new shop fronts as the new owner seeks to make the area more attractive to potential tenants.
Plans are also in place to refurbish and convert the vacant upper floors of the buildings to residential accommodation. The Decision Record published on the council website states: “The retail market in the city centre has changed and levels of demand and rent have fallen across the board. Without intervention and investment, it is likely that this pattern of decline will continue.”
This is not Prospect 2024 Ltd’s first Hull city centre acquisition as the company bought the Prospect Centre in for £4.7 million last year. The company has also bought the existing units on King Edward Street near to the former Boots store.
Prospect 2024 Ltd is part of a group of companies which have purchased and reinvigorated a number of shopping centres in the north of England in recent years, including Packhorse Shopping Centre in Huddersfield and The Ridings Shopping Centre in Wakefield.
(Image: Hull City Council)
Cllr Jackie Dad, deputy leader of the council whose portfolio includes land, property, assets and corporate buildings, said: “This investment from Prospect 2024 Ltd is fantastic news for the city centre.
“The company has already shown confidence in Hull city centre by purchasing The Prospect Centre last year and is now building on that with the units on King Edward Street and Jameson Street.
“The council welcomes the proposed transformation and hopes it inspires others in the private sector that Hull is a great place to invest and regenerate.”
Zahid Iqbal, Prospect 2024 LTD owner, said: “We have confidence in Hull as a major regional centre.
“The work that has been done and is being done by the council and other city centre organisations is really turning Hull into a destination for visitors from further afield.
“The number of new developments and new businesses is a testament to this and the ever-growing food scene is instrumental to this.
“Hull is really gathering momentum and we are committed to bringing new operators into the city to support this.”
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