Hull industrial park changes hands in multi-million pound deal
Hull’s largest multi-let industrial park has changed hands in a multi-million pound deal.
Kingston International Business Park on Hedon Road has been purchased by J.R. Rix & Sons from Wykeland Group ending almost three decades of ownership and investment by the commercial developer.
Wykeland purchased the site in 1991 from the administrators of engineering business Priestmans after the historic Hull company folded with the loss of hundreds of jobs, leaving the site vacant.
Over the past 28 years Wykeland has completed new buildings, refurbished existing facilities and invested in the infrastructure across the 30-acre site to create a thriving 500,000 sq ft business park.
Wykeland managing director, Dominic Gibbons, said: “When we put Kingston International Business Park on the market in late 2018 we did not anticipate the site would be purchased by a local operator, so we’re delighted the new owner is a Hull company.
“We know J.R. Rix well as a long-established and highly-respected Hull business which will build on the long-term relationships we have created with the primarily locally-owned businesses on site.
“Kingston International Business Park is 100 per cent let and we have made a strategic decision to divest this asset as the market conditions are right for the sale.”
Tim Rix, chief executive officer of J.R. Rix & Sons, added: “Acquiring Kingston International Business Park is a great move for us because it joins together the two business parks which we already have an interest in on either side of the site.
“Together, the three parks total more than 70 acres and that gives us more flexibility to provide commercial premises that fulfil our operational needs and our tenants’ space requirements, particularly on the Tower House Lane side.
“We’re delighted to complete this deal and add another great site to our portfolio. Hull will always be an integral part of our success. This city, this region, is our home.
“As a result, we have always tried to invest here even in times where others have not, to help create a strong economy and strong communities.”
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