Hull City Council has confirmed the disposal of a number of city centre properties, paving the way for urban renewal efforts.
The local authority has brokered the transfer of 41-79 King Edward Street and 46-54 Jameson Street to Prospect 2024 Ltd. The property disposal generates capital funds which the council states will facilitate fresh shopfronts as the new proprietor aims to enhance the area's appeal to prospective tenants.
Proposals are also under way to renovate and transform the empty upper storeys of these buildings into residential units. According to the Decision Record published on the council's website: "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 marks another Hull city centre purchase for Prospect 2024 Ltd, following the firm's acquisition of the Prospect Centre for £4.7m last year. The company has additionally secured existing premises on King Edward Street adjacent to the former Boots outlet.
Prospect 2024 Ltd forms part of a consortium of businesses that have acquired and revitalised numerous shopping centres across northern England in recent years, including Huddersfield's Packhorse Shopping Centre and Wakefield's The Ridings Shopping Centre. Cllr Jackie Dad, deputy leader of the council with responsibility for land, property, assets and corporate buildings, said: "This investment from Prospect 2024 Ltd is fantastic news for the city centre."
She noted the company's ongoing commitment to Hull, saying: "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."
Cllr Dad welcomed the proposed changes, adding: "The council welcomes the proposed transformation and hope it inspires others in the private sector that Hull is a great place to invest and regenerate."
Zahid Iqbal, owner of Prospect 2024, 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."
