From identifying ‘off market’ opportunities to overseeing the successful sale of 30 acres of prime city development land, the Garness Jones team has enjoyed a busy first quarter of 2022.
Headed by managing director Dave Garness, the sale of prime redevelopment land at St Andrew’s Quay in Hull has without a doubt been the headline deal (and has attracted media interest given its high-profile location on the city’s waterfront and next to a large existing retail park.)
“St Andrew’s Quay was of course a significant deal in terms of size of land, its location, value and also its importance to the city in terms of regeneration and how it is ultimately developed,” said Mr Garness.
“It’s not our place to speculate on what will eventually be situated on the land and from this point it is over to the new owners to consider their options and what will work best, with the support of the local authority.
“The central section of St Andrew’s Quay was first developed more than three decades ago, and this is a significant step forward to finish the job and one we were very proud to have played a significant part in.
“We obviously hope to be able to work with the new owners to bring the site forward and significantly contribute to the local economy through development.”
Market insight ensures ideal opportunities spotted for clients
Whilst the St Andrew’s Quay sale saw our specialist advice sought on a major land sale, it has been our market insight which has helped two other investors get their hands on properties which promise to add great value to their portfolios.
This saw the purchase of the Burger King and Costa Coffee drive-thru outlets adjacent to a cluster commercial development which houses a petrol station and Morrisons convenience store on Minster Way, on the southern Beverley bypass.
Our team also identified a two-storey hybrid commercial building for another investor near to Chesterfield, Derbyshire, for a private investment Trust.
Both deals, says Mr Garness, were as a result of the Garness team having a clear understanding of the opportunities being sought, and also because our team have their ‘fingers on the pulse’ of the market to identify good opportunities and act on behalf of clients.
“Both of these investments were taken to our clients by our team pro-actively as they fitted the criteria of opportunities we had been tasked to spot in the market and present to them,” he said.
“The Beverley investment was an off-market opportunity which we were able to present and advise our client on due to our inside knowledge of the local market and being aware that it was becoming available.
“The Chesterfield development was identified as suitable for a private family trust which has instructed us to find investment opportunities across the north of England. It was a good example of our contacts and knowledge outside of our immediate region.”
Other deals completed since the turn of the year have included advising on the sale of the Karro Food Group Investment and on the acquisition of a 35,000 sq ft warehouse on Sutton Fields Industrial Estate, Hull, for another private investor.
This has included managing a short-term tenancy to support the existing occupying business and marketing it for long-term lease from May 2022.
Mr Garness added: “It has been a really busy period for our investment team and it is great to see a wide variety of clients turning to us for advice, valuations and appraisals of investment opportunities – and also putting their faith in our market knowledge to steer them in the best direction.
“I feel that in recent years we have really demonstrated our ability to not only attract investors on behalf of the developers of major business schemes, but also in supporting investors themselves to then manage their portfolios and identify new opportunities. It is a growing part of our business.
“There are more significant deals on the horizon across our region which reflects an active market at this time, and lots of interest across Hull and the East Riding certainly.”
