Industrial estate in Hull fetches over £1m at auction
The Kingston Way Unit Factory Estate is made up of 12 purpose-built units on nearly two acres.
The estate was part of a substantial portfolio of industrial properties owned by Hull Council, comprising more than 180 units across 13 industrial estates.
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Hide AdNPS Humber chartered surveyor Shaun Haynes acted for Hull Council on the sale of the property, which exceeded its guide price of £950k at auction.
“The Kingston Way Unit Factory Estate was originally built in 1979. Its sale is part of the council’s strategy to streamline its property portfolio, to reinvest within its wider functions,” he said.
“The sale reflects a perception amongst purchasers that industrial assets can be a relatively safe investment at this current time of uncertainty.”
The council has recently acquired sites in the city centre, including the former Age UK building, and on Sutton Estate and sold some of its smaller premises.
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Hide AdDeputy council leader Councillor Daren Hale said: “Hull City Council is active in managing its asset portfolio and this disposal is part of a long-term strategy to provide commercial premises for economic expansion.
“We are pleased that this asset has been acquired by a local investor and look forward to working with them to maximise the potential of this site.”
New owners Tradepark Ltd is looking forward to continuing to support investment in the area and building relationships with their new tenants, including Naturewall Group, R&C Hydraulics Ltd and O&E Services Ltd, the council said.