A Chinese businessman has snapped up a high-end residential complex in Hull in the latest example of foreign investment in the city.
Anchor House has been sold by Hull property company, Westfield Homebuyers, the multi-million-pound deal being handled by city legal firm, James Legal.
Westfield founder Mike Clayton purchased the iconic property, in Anlaby Road, from a housing association at auction five years ago and spent the following year on a refurbishment that transformed it into a high-quality rental complex that is now home to a range of young professionals, including medical staff working at Hull Royal Infirmary and visitors to some of Hull’s major industrial employers.
Mike said: “It had been used to house tenants with a variety of issues, and so was built from concrete and steel to withstand vandalism, arson and other issues, giving it a very institutional feel.
“We took it back to brick inside and created a suite of high-end flats and studio apartments, as well as putting in communal cooking, garden and barbecuing areas, and even a gym and sauna.”
It was Mike’s long-term passion for property that inspired the qualified chartered surveyor to take on what proved to be a tough but rewarding project.
Anchor House is now at the epicentre of Hull’s ongoing regeneration, with MyPad Accommodation acting as management agent for the building, but Mike, who is entering semi-retirement, has now sold the complex almost fully let and was not surprised that it was an overseas buyer.
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“Hull represents a really good investment compared to traditional hubs like London, Manchester or Leeds, because property remains relatively good value here, while still returning solid rental yields, particularly with interest rates on traditional savings still historically low,” he said.
Dealing with an international purchase in the midst of a global pandemic was no mean feat, however, the transaction taking longer than the anticipated three weeks – the deal eventually went through after about six months.
Simon Young, managing director of James Legal, said: “We take great pride in supporting major projects like this which are key to the city’s infrastructure and ongoing development.
“It’s the latest example of how our team regularly pull out every stop to get transactions over the line for our clients, even in the most challenging circumstances – in this case, in the midst of a historic global pandemic.”
Danny Gough, managing director of MyPad, said: “This deal was a fantastic development for all the companies involved, and indeed for Hull as a city.
“MyPad will continue to manage Anchor House for this overseas buyer, who I understand hopes this will be the first of many similar investments in this locality.
“And he’s not the only one, we’re seeing many similar enquiries, week-on-week, from foreign investors who like the look of what Hull and surrounding area has to offer.”
By Deborah Hall
Source: Hull Live
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