6th May 2022, London - BNP Paribas Real Estate (BNPPRE) has completed the unconditional sale of 33-acres of industrial development land in Hull, East Yorkshire on behalf of National Grid to The Ashcourt Group, for £5.25m.
The site, located on Clough Road (HU5 1SW) was sold with support for employment, industrial, or trade counter uses under the city council’s emerging local plan. It has since been divided into plots that which are now available for open storage uses or design and build opportunities on industrial units including warehouses and trade counter units. There will also be opportunities for storage compounds from 3-10 acres.
It is also the latest disposal from National Grid, who have been working with BNP Paribas Real Estate to offload a number of surplus sites around the country, totalling more than 450, since 2015. Last month it was announced that BNPPRE had completed the unconditional sale of another site in Lincoln to Hawksmount Properties for a price in excess of £600,000.
Iain Cairns, Senior Associate Director, Transaction at BNP Paribas Real Estate commented: “This sale demonstrates the strength of the National Grid property portfolio and the demand for well-located brownfield land development opportunities positioned across Yorkshire against the backdrop of a lack in supply.
“Securing Ashcourt Group, a Hull-based company for this site is a huge win for the local area and will create significant employment opportunities which will benefit the local economy.”
The site is located on the southern side of Clough Road approximately 2 miles north of Hull city centre. Hull train station is located approximately 3 miles to the south west and provides direct services to other regional centres.
BNP Paribas Real Estate acted for National Grid. PPH Commercial acted for Ashcourt Group.
