From jamie goodwin | Friday 28 June 2019
Priory Tec Park became available after Allenby Commercial decided to increase its investment in other properties on both sides of the Humber.
A commercial site which became part of one of the largest industrial developments in East Yorkshire has changed hands after being sold for an undisclosed sum by Hull-based developers Allenby Commercial to Castle Square Developments, the property investors based in Lincoln.
Priory Tec Park was built by Allenby Commercial more than 25 years ago and became available after the company decided to increase its investment in other properties on both sides of the Humber.
The opportunity is a good fit with Castle Square’s strategy of expanding on the north bank.
The site comprises 50,000 sq ft of predominantly trade counter and industrial accommodation with a selection of office units on an overall area of three acres at the western end of Priory Park.
It is fully occupied with tenants which include Wolseley, City Plumbing, Signs Express and Shield Security and which are unaffected by the deal.
The wider Priory Park site extends to more than 150 acres and runs alongside the A63 Clive Sullivan Way. It is recognised as one of the region’s premier business parks by Henry Boot Developments and has become a hub for motor dealerships and other businesses include Arco, Royal Mail and the De Vere Village Hotel.
Lincoln agents Banks Long & Co acted for Castle Square. Carrick Real Estate and Garness Jones acted for Allenby Commercial, who were based at Priory Tec Park before moving to Hull city centre in 2016..
Andrew Allenby, managing director of Allenby Commercial, said: “We are delighted to have completed the sale to Castle Square and we are pleased that the buyer shares our ethos of working closely with tenants and taking a hands-on approach.
“We are passionate about providing businesses with highly functional and stylish workspace and we are committed to developing more property in and around Hull as part of our strategy of promoting inward investment and job creation.”