Part of a thriving business park on the edge of Hull has been sold to new owners.
The Priory Tec Park, in Saxon Way, Hessle, was built by Allenby Commercial more than two decades ago, and is home to a strong of businesses.
The commercial site, part of the wider Priory Park business complex, has now been bought by Lincoln-based property investor Castle Square Developments for an undisclosed sum.
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The site comprises of 50,000 sq.ft of industrial space, and is fully occupied.
Andrew Allenby, managing director at Allenby Commercial, said: “We are delighted to have completed the sale to Castle Square and we are pleased that the buyer shares our ethos of working closely with tenants and taking a hands-on approach.
“We are passionate about providing businesses with highly functional and stylish workspace and we are committed to developing more property in and around Hull as part of our strategy of promoting inward investment and job creation.”
Priory Tec Park was built by Allenby Commercial more than 25 years ago and became available after the company decided to increase its investment in other properties on both sides of the Humber.
The opportunity is a good fit with new owner Castle Square’s strategy of expanding to the north bank of the Humber.
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Current tenants at the Priory Tec Park include Wolseley, City Plumbing, Signs Express and Shield Security, all of which are unaffected by the deal.
The wider Priory Park site extends to more than 150 acres and runs alongside the A63 Clive Sullivan Way.
It is recognised as one of the region’s premier business parks by Henry Boot Developments and has become a hub for motor dealerships and other businesses include Arco, Royal Mail and the De Vere Village Hotel.
Lincoln based agents, Banks Long & Co, acted for Castle Square.
Tim Bradford, managing director, said: “We have been searching for a quality trade counter and office investment on the north bank of the Humber for a few months as we see this area continuing to grow due to its strong strategic credentials.
“This scheme has been developed and managed to a very high standard by Allenby Commercial and we look forward to continuing in the same vein for Castle Square Developments.”
Carrick Real Estate and Garness Jones acted for Allenby Commercial, which was based at Priory Tec Park before moving to Hull city centre in 2016.
Earlier this year, Allenby Commercial completed the acquisition from Henry Boot of The Point, a 6.45-acre site at the eastern end of Priory Park.