Princes Quay put up for sale
Hull's Princes Quay shopping centre has been put up for sale, the Mail can reveal today.
Owner Henderson Global Investors said it wants to generate new funds to invest in other schemes, including a major new regeneration project in the heart of Edinburgh.
But the move by the London-based fund management company to quit Hull puts a huge question mark over the proposed £300m Quay West extension to Princes Quay.
Although the extension earmarked for a site between Princes Quay and Castle Street has outline planning permission, it's unclear whether any new owner of Princes Quay would want to pursue the project.
Princes Quay is on the market with an asking price of £110m.
It last changed hands in 1996 after original owner Land Securities put it up for sale for £67m.
Henderson spokesman Richard Sunderland said: "I don't think anyone is under any illusions about the state of the market at the moment but we are optimistic about securing a disposal."
City council leader Councillor Carl Minns said: "The news is not entirely unexpected given the extreme global pressures impacting on investor choice and confidence.
"This reflects the times we live in rather than the value of the 'Hull product' or the scale of our ambitions."
Cllr Minns said the opening of the St Stephen's shopping and leisure centre underlined how the city centre had improved in recent years.
Both the city council and development agency Hull Forward has been working alongside Henderson to secure land ownership for the proposed Quay West extension.
In July the council's cabinet agreed to use compulsory purchase powers if necessary to acquire privately-owned land in a bid to help speed-up progress.
The current sale of Princes Quay is being handled by international property management experts DTZ and Cushman And Wakefield.
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by martin, hull
Saturday, December 13 2008, 12:06AM
“Sorry for the spelling below. Something wrong with my keyboard”
by martin, hull
Saturday, December 13 2008, 12:04AM
“I heard that a buyer had been found to buy the princess quay but after waiting 30 minutes to get from smith & nephews to princess quay at rush hour the buyer decided it was not a good idea. He thought it took too long to travel in and shoppers would do the same as him and tunr around nd go shopping elsewhere.
Joking apart, getting in and out of town along castle street is an absolute joke and it's about time someone did something about it. Get rid of the lights, have all the reds at lights at the SAME time, or get rid of the idiots who plan our city.”
by David, Hull
Thursday, November 27 2008, 10:17PM
“kayleigh, its not shutting down. It will remain open whilst a buyer is found. I agree with you that its gone downhill over the past few years with the closing of the top deck and the mess that the harbour deck is in at the moment. the new buyer really needs to sort things out down there.”
by Kay, Hull
Thursday, November 27 2008, 8:16PM
“I think that princes quay is ten times better than st stephen's, it's got more inside it at the moment.
We're not aiming for that in Hull though are we! Hull wants no houses to live in and empty shops and appartments to look at, more food places to get fatter, pubs and night clubs to go fighting at and casino's to feed our gambling addictions.
Thats what it looks like to me at the moment with the developer's ideas!”
by wanting..., hull
Thursday, November 27 2008, 6:56PM
“all im bothered about is primark just dont that away please and thousands will agree with me!!”
by Romani, Here n there
Thursday, November 27 2008, 6:52PM
“Would they swap it for a caravan ? Ill throw a pony in too!”
by Citizen, Kingston-Upon-Hull
Thursday, November 27 2008, 6:33PM
“I was against it being built in the first place. Princes Dock should have boats in it with access through to the marina. The independent shops and cafes could have been built around the dock basin as in other cities like Liverpool and Manchester. Only in Hull would we build an ugly building like this. Other cities would kill for a waterfront like ours. So what do we do? Cut it off by allowing a major road to be built right across it instead of under or over it. And fill in the docks or build this eye sore. Our council leaders over the years and yes even now are clueless. Even when princes Quay was built themost intereresting floor was the independent shops on the top deck, so what do they do? Turf them all out to open up a cinema, whilst the council allow the ABC to be demolished. What wizdom that was! I say dismantle the lot and open the dock up again.”
by kayleigh, hull
Thursday, November 27 2008, 6:31PM
“i think that it is good that it is shutting,Princess Quay shopping has been really crap the last few years.
I think who ever buys it should make it in to a entertainment place with casinos,clubs,pubs places to eat.”
by Arthur, Ezzle Road, Ull
Thursday, November 27 2008, 6:29PM
“I bid £1-05p”
by Col, Hull
Thursday, November 27 2008, 5:14PM
“I'll buy all the Woolworths chains for a quid each and swap you all of them for that?”