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.