Well-known Prospect Street building up for sale for £1.8m
By Hull Daily Mail | Posted: 14 Mar 2018
A recognisable commercial property one of Hull’s busiest streets has been put on the market for £1.8m.
Shirethorn House, a mixed-use commercial development on Prospect Street, has been given the guide price after being put up for sale by Manchester-based property investment company, MCR Property Group.
The 47,320sq ft freehold site, on the corner of Spencer Street and Prospect Street, comprises 13,869sq ft of ground floor retail space, with a further 33,451sq ft of office space spread over two top floors.
The three-storey property is currently more than three quarters let and has opportunity for growth with part vacant office space and upper floor space providing room for more tenants.
The business hub includes current tenants, the British Heart Foundation and Optical Express Ltd.
The property investment firm says it believes that once fully occupied it is expected to produce a yield in the region of 17 per cent.
Nick Lake, fund manager at MCR Property Group, he says that given infrastructure investment in Hull, it is “no surprise that there is great demand” for commercial buildings like Shirethorn House.
He said: “Shirethorn House is conveniently located near main retail and commercial facilities; St Stephen’s Shopping Centre, Princes Quay shopping Centre and the city’s main bus and train stations are all within easy walking distance.
“There has been unprecedented growth and regeneration in Hull since its UK City of Culture status was awarded in 2017.
“With over £100m worth of infrastructure investment in the city alongside major companies, such as Siemens, moving into the area, it is no surprise that there is great demand for commercial space of this nature.
“Numerous new lettings have been secured at Shirethorn House in the last year, showcasing that the development offers value for money in a prominent, convenient location.
“An investor could also capitalise on recent refurbishments made to the office suites, including the creation of a modern reception area, on-site parking and a dedicated concierge.”
Overseas growth is a winner for coffee specialist as it takes top spot in Fast Track rankings