A large and modern manufacturing and storage industrial facility in Hull which was initially placed on the market to let has now been sold to a successful family owned private business which took the opportunity to secure the property for itself.
The deal was completed this month for the facility, which had become available due to a tenant relocating.
Garness Jones' specialist property investments management team acted on behalf of the seller – a private investor – to see the deal through to a successful conclusion.
David Garness, managing director of Garness Jones, says the deal highlights how such facilities in Hull are currently in demand, and that when sizeable and modern facilities are placed on the market, they can demand an excellent price for sale or let.
“What we had in this case was a high-quality, modern industrial building with offices, which was set within its own yard area with parking, in an excellent location and on a popular Hull industrial estate,” he said.
“It was a property which was suitable for a variety of uses – which is always an advantage when going out to market – and it boasts an excellent position relatively close to the A63 and the wider motorway network. It made it a very appealing site for a growing business.”
“The buyer is a family owned private business who have created a great success story in their own right and we wish them the very best in their new business home.
Potential buyers are in market for high-quality industrial premises
The two floor facility comprises an industrial section split for manufacturing, offices and storage on the ground floor, with further offices on the first floor, alongside staff amenities. Mr Garness said that, in the current climate, the facility was an attractive option.
“We know that there are many businesses in the manufacturing, storage and distribution sector in the locality which have been looking for large facilities like this to come onto the market for some time now, as it has been quite rare for properties like this to become available,” he said.
“We have been in continued conversations with many businesses interested in such properties, so when they do become available, we have an excellent understanding of who is in the buying market, and what facilities they require. That gives sellers a great starting point.”
Mr Garness says that with demand for industrial space high, it is also pleasing to see two new industrial developments for which the firm is marketing space progressing well, with both Rotterdam Business Park on the east side of Hull, and at Anlaby Retail Park on the west, set to house their first tenants in 2023.
“There’s certainly a hunger out there for high quality industrial space in Hull and the East Riding, for both older properties and new developments. We expect a busy 12 months ahead,” he said.
