19 June 2019
Seven figure deal agreed for historic building at Princes Quay
Shulmans Commercial Property team has assisted on the sale of an historic building at Princes Quay in Hull.
Acting on behalf of Hull Realty Limited, the team assisted on the sale of an 11,974 square foot, mixed-use unit and land to Wykeland Properties Limited in a deal worth in excess of £1 million.
The building, Warehouse 6, dates back more than 100 years and sits alongside the unique Princes Quay shopping and leisure centre in Kingston-upon-Hull. Current occupiers, including ASK Italian Restaurant, will remain in the three-storey building as part of the sale.
The deal concludes complex legal proceedings spanning more than a year, that involved varying the lease held by Hull Realty from Hull City Council and part surrendering and negotiating a new lease for Warehouse 6 in readiness for sale. Permission for the lease was also granted from Highways England with respect of the construction works underway on Princes Quay Bridge. The pedestrian footbridge that crosses the A63 is part of a multi-million-pound transformation project to develop the waterfront and improve public access.
Mickola Wilson at Seven Dials Fund Management, which represent Hull Realty Limited, said: “We are incredibly pleased with the completion of the sale. We appointed Shulmans LLP as the leading real estate firm in the region, and the team’s expertise has been invaluable in enabling us to reach a successful conclusion."
Peter Woods in the Shulmans Commercial Property team said: “We are delighted to have completed the sale on behalf of Hull Realty Limited. The ongoing investment in Hull’s infrastructure represents an exciting time for the city, and this deal enables Hull Realty to focus its future business interests on Princes Quay.”