News From Hull Forward
Hull Forward secures more property in the Fruit Market area
02/05/2008
Hull Forward has secured the ownership of 17 more properties in the Fruit Market regeneration area, formerly owned by the Fruit Traders on Humber Street. This latest acquisition deal not only paves the way for the area's exciting development plans to move forward but also allows the existing Fruit Traders to continue trading in the area, prior to their move to new, purpose built facilities at Priory Park.
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John Holmes, Chief Executive at Hull Forward, explained: 'In simple terms, this means that we buy the Fruit Market traders' existing premises now so they can use the sale proceeds to help fund their relocation, We have then leased back the same properties to the traders so they can remain in occupation until their new premises are ready.'
He added: 'This news also signifies a major step forward in our land assembly strategy for this hugely important area, a vital piece in the regeneration jigsaw of Hull. It brings the number of properties purchased by Hull Forward by agreement to 25, representing 75% of the Fruit Market area.'
Local development company ispace, who planned and delivered the relocation of the Fruit Market to a new purpose designed facility, are delighted that their work with the traders has paved the way for the development to begin. Richard Burns, Director explained 'We worked closely with the traders to ensure that the move to a new site met all of their needs. We felt it was critical to ensure continuity of service for their businesses and their customers and by moving together as a single vibrant community into purpose built premises, we and the traders believe the move will be as beneficial for their businesses as it will be for the site they leave behind.'
Over coming months, Hull Forward will continue to work with property owners to try and take forward negotiations to buy properties by agreement. In parallel a request has been made to English Partnerships (the Government's National Regeneration Agency) to use their Compulsory Purchase Powers to acquire those properties and interests Hull Forward is unable to purchase by agreement.
John Holmes concluded: 'Compulsory purchase is a last resort and we are pleased that we have already acquired by agreement the majority of properties needed to achieve the comprehensive regeneration of the area. We are at an advanced stage of discussions with 5 developers who we have chosen to work with to undertake the transformation of the area into a vibrant hub of city centre living and working within a beautifully restored historic conservation area.'
Ends
For more information please contact:
Anja Hazebroek
Hull Forward
Tel: 01482 387404
Email: anja.hazebroek@hullforward.co.uk
He added: 'This news also signifies a major step forward in our land assembly strategy for this hugely important area, a vital piece in the regeneration jigsaw of Hull. It brings the number of properties purchased by Hull Forward by agreement to 25, representing 75% of the Fruit Market area.'
Local development company ispace, who planned and delivered the relocation of the Fruit Market to a new purpose designed facility, are delighted that their work with the traders has paved the way for the development to begin. Richard Burns, Director explained 'We worked closely with the traders to ensure that the move to a new site met all of their needs. We felt it was critical to ensure continuity of service for their businesses and their customers and by moving together as a single vibrant community into purpose built premises, we and the traders believe the move will be as beneficial for their businesses as it will be for the site they leave behind.'
Over coming months, Hull Forward will continue to work with property owners to try and take forward negotiations to buy properties by agreement. In parallel a request has been made to English Partnerships (the Government's National Regeneration Agency) to use their Compulsory Purchase Powers to acquire those properties and interests Hull Forward is unable to purchase by agreement.
John Holmes concluded: 'Compulsory purchase is a last resort and we are pleased that we have already acquired by agreement the majority of properties needed to achieve the comprehensive regeneration of the area. We are at an advanced stage of discussions with 5 developers who we have chosen to work with to undertake the transformation of the area into a vibrant hub of city centre living and working within a beautifully restored historic conservation area.'
Ends
For more information please contact:
Anja Hazebroek
Hull Forward
Tel: 01482 387404
Email: anja.hazebroek@hullforward.co.uk
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