Bright future for huge East Hull business park as Allenby Commercial seal multi-million-pound deal
ONE of east Hull’s biggest business parks is set for a new lease of life after being snapped up by developers after the site was sold by PPH Commercial for a figure in excess of its asking price of £1.85m.
Chamberlain Road Business Park, which lies just off Stoneferry Road, is an eight-acre site that was best known for being home to the DVLA’s Driving Test centre for many years.
Now it provides a combination of office and industrial trade units for a variety of small businesses.
Having been acquired by Allenby Commercial, the site is set to undergo a planned programme of maintenance and improvement to bring some of its redundant buildings back into use.
An extensive refurbishment is also in the pipeline, together with the additional development of land which lies to the front of the site, subject to securing the necessary consents.
The site is currently running at relatively high occupancy rate and the refurbishment is expected to take place during the next 12 months.
PPH Commercial divisional director Ben Cooper, who acted as the agent for Bizspace during the sale to Allenby, is confident the new owners will revitalise the sprawling inner city site.
Commenting on the deal, Mr Cooper said: “Allenby Commercial boast a proven track record for making significant investments in all of their developments.
“It was a pleasure to conduct the deal on behalf of Bizspace and I’m looking forward to seeing what the future holds for the site.
“Allenby have a knack for knowing exactly what’s required to revitalise a development, bringing each one bang up to date and giving them a modern edge.
“I can’t see any reason why this project will not follow the exact same script. I’m sure Chamberlain Business Park will prove to be another successful addition to their portfolio.”