England 07/04/2013 – Hull’s location and the price of its commercial property is once again attracting investors to the city
When it comes to property management Hull is a busy place. A lot of the property in the city that is under management is commercial. Hull is a city that is evolving and changing, but it is still very much an industrial city. There are several industrial estates located within the boundaries of the city, as well as plenty of office space.
Most of Hull’s commercial properties were built, during the late 90s and early 2000s, just before the recession hit. This means that a lot of the commercial property in the city is relatively modern.
Hull’s central location and good connections with the continent make the city a great place for virtually any kind of business, so the city was really beginning to grow. Sadly, the recession hit and Hull, like many UK cities, suffered as a result. Today, things are looking up and the city’s commercial units are being snapped up by property investors. Interestingly many of these investors are not from the Hull area.
A lot are from London and the South East, where property prices are high, especially for commercial property. Investors are realising that they get a lot for the money in a city like Hull and realise that in a couple of years the recession will end. At that point the property they hold in Hull will be easy to rent out as well as considerably more valuable.
Hull council are in the process of putting together their new development framework, which will bring regeneration to several more areas of the city. Investors are recognising that now is the time to invest in the city, while property prices are relatively low.
An example of investment in the city of Hull
Garness Jones is a firm of property surveyors, who also offer a full property management service. They have seen interest in commercial property rise steadily over the past 18 months or so. The firm recently sold The Acorn Industrial Estates at Bontoft Av and Strawberry St to M7 Real Estates, who are a London based firm.