WORK is under way on a new east Hull business park that will give small firms the opportunity to own their own premises.

The park, in Merrick Street, off Hedon Road, is on the site of a former timber yard that used to serve Hull's docks.

It is being developed by city property developers Time Developments.

Demolition and infrastructure work is already under way on the one-acre site.

Phase one will see the refurbishment of a disused industrial building into a 9,000sqft unit, which maybe sold to a single occupier but could also be split into three 3,000sqft premises.

It is scheduled to be completed by the end of the year and will be available for use as offices or for light industrial, distribution or storage businesses.

Phase two will comprise six 1,500sqft new-build units, also for light industrial, distribution or storage uses.

All the units will be available to purchase by occupiers or investors.

Work is due to get under way in the early part of next year and will be completed by the summer.

Jason Davies, director of Time Developments, said he was pleased work had started to regenerate the site.

He said: "It will create high- specification small business units that have been designed and priced to meet the needs of business owners who want to invest in property, but struggle to find, or afford, appropriate premises in Hull.

"We are making the units available for purchase, rather than lease, to help the small business occupiers have greater control over their future."

Funding for the project has come from Yorkshire Bank's East Yorkshire and Lincolnshire Financial Solutions Centre.

City centre commercial property agents NT3 assisted Time Developments on the acquisition of the Merrick Street site.