Plans to reinvigorate commercial properties in Hull city centre have moved a step closer after a council Decision Record agreeing to their sale was published yesterday – 15 July.
Hull City Council has facilitated Prospect 2024 LTD’s purchase of 41-79 King Edward Street and 46-54 Jameson Street.
The council says disposal of its property helps to unlock external capital funding to bring forward new shop fronts, explaining that Prospect 2024 LTD aims to make the units more attractive to potential tenants.
Plans are also in place to refurbish and convert vacant upper floors of the buildings to residential accommodation.
It follows the company’s acquisition of and subsequent investment into The Prospect Centre last year, as well as existing units on King Edward Street near the former Boots store.
A condition of the proposed sale will be that Prospect 2024 LTD must complete a pre-agreed schedule of improvement works to the retail units with an agreed timescale.
Councillor Jackie Dad, deputy leader of the council whose portfolio includes land, property, assets and corporate buildings, said: “This investment from Prospect 2024 LTD is fantastic news for the city centre.
“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.
“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.”
Prospect 2024 Ltd is part of a group of companies which have purchased and reinvigorated a number of shopping centres in the north of England in recent years, including Packhorse Shopping Centre in Huddersfield and The Ridings Shopping Centre in Wakefield.
Zahid Iqbal, Prospect 2024 LTD owner, 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.”
