HAT-TRICK OF DEALS PROVES HULL’S INDUSTRIAL PROPERTY SECTOR IS STRONGEST IT’S BEEN FOR DECADES
In recent weeks, PPH have secured new owners of the former Joinery Depot premises, on Amsterdam Road, and let the old Post Office depot on nearby Malmo Road.
Both deals follow on from the sale of another factory on the Sutton Fields Industrial Estate, which was successfully marketed for £1.35m in September.
All three premises will be open at the start of the new year, which means more than 90,000sqft of industrial space will soon be back in full occupation.
Speaking about the hat-trick of disposals, Ben Medhurst said: “All three of these sizeable transactions confirm the ongoing strength of Hull’s industrial property market, which is the strongest it’s been for decades, as demand continues to exceed supply.
“As a result, we are now seeing some of the lowest levels of available industrial property in the city and wider East Riding region for decades.
“This is excellent news for Hull – and the people who live and work here – because it’s a positive reflection on the growing strength of the local economy.
“Hopefully, we can continue to help bring new businesses to Hull and the surrounding area for the last few weeks of this year and start 2019 just as strongly.”
The new occupiers of the Sutton Fields sites will create a significant number of new direct and indirect jobs within the city.
Positively, this upward industrial trend is a situation that’s also being reflected throughout Yorkshire and Lincolnshire.
“Our business space agency teams in Hull, Grimsby, Scunthorpe and Doncaster are all reporting strong levels of activity and we don’t expect this trend to slow down soon,” added Ben Medhurst.
“Hopefully, this encouraging growth in the local economy will continue for the foreseeable future because it shows businesses have faith in in this area and the skills of our workforce.”