{"id":7302,"date":"2021-03-30T12:25:30","date_gmt":"2021-03-30T12:25:30","guid":{"rendered":"https:\/\/thebusinessculture.co.uk\/hey\/?p=7302"},"modified":"2021-03-30T12:26:26","modified_gmt":"2021-03-30T12:26:26","slug":"prominent-building-sale-example-of-foreign-investment-in-hull","status":"publish","type":"good-news","link":"https:\/\/thebusinessculture.co.uk\/hey\/good-news\/prominent-building-sale-example-of-foreign-investment-in-hull\/","title":{"rendered":"Prominent building sale example of foreign investment in Hull"},"content":{"rendered":"

Established Hull property company, Westfield Homebuyers, has sold Anchor House to a Chinese businessman in a multi-million-pound deal handled by city legal firm, <\/span>James Legal<\/a>.<\/p>\n

Westfield founder Mike Clayton purchased the iconic property 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.<\/p>\n

\u201cIt had been used to house tenants with a variety of issues, and was built from concrete and steel to withstand vandalism, arson and other issues, giving it a very institutional feel,\u201d explained Mike.<\/p>\n

\u201cWe took it back to brick inside and created a suite of high-end flats and studio apartments, and put in communal cooking, garden and barbecuing areas, and even a gym and sauna.\u201d<\/p>\n

And it was Mike\u2019s long-term passion for property that inspired the qualified chartered surveyor to take on what proved to be a tough but rewarding project.<\/p>\n

Anchor House, which comprises 44 ensuite bedrooms, 17 Studio rooms and 12 self-contained flats, is at the epicentre of Hull\u2019s ongoing regeneration and home to a range of young professionals, including medical staff working at Hull Royal Infirmary and visitors to some of Hull\u2019s major industrial employers.<\/p>\n

Hull lettings and management firm MyPad acts as management agent for the building.<\/p>\n

All eyes on Hull<\/strong><\/p>\n

Anchor House has now been sold as 96 per cent let by Mike, who, entering semi-retirement, decided the time was right to let someone else take over its running.<\/p>\n

He wasn\u2019t at all surprised when it was snapped up by an overseas buyer.<\/p>\n

\u201cHull 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,\u201d he continued.<\/p>\n

Unsurprisingly, however, dealing with an international purchase in the midst of a global pandemic was no mean feat.<\/p>\n

\u201cIt did take longer than the three weeks we\u2019d originally hoped for!\u201d said Mike. \u201cIn the end, the deal eventually went through after about six months.<\/p>\n

\u201cJames Legal have been a key partner in the sale. Their excellent communication ensured I understood the options available to me throughout the process. Their expertise was essential to this large project. I\u2019m very thankful for their drive, determination, and practical help on my behalf.\u201d<\/p>\n

Mike\u2019s legal advice was provided by a team from James Legal\u2019s Hull office, led by director Kelly Bannister, supported by senior property solicitor Mike Stoney and corporate solicitor Byron Swarbrick.<\/p>\n

A passion for property<\/strong><\/p>\n

After becoming the UK\u2019s youngest-ever chartered surveyor at the age of 20, in the 1980s, Mike established Westfield Homebuyers in 1989, a cash house-purchase company that aims to operate ethically within a tarnished segment of the industry.<\/p>\n

\u201cIt\u2019s something I feel so strongly about, I\u2019ve lobbied for the introduction of a code of conduct for the industry,\u201d added Mike.<\/p>\n

He estimates he has bought over 1,000 properties over the years \u2013 mostly in Yorkshire although he did expand the business nationally for a time. He lets out many of the properties he purchases, which include homes and commercial outlets like hairdressers and gyms.<\/p>\n

Anchor House remains his flagship development. \u201cIt needed a very thorough revamp after years of neglect and it was an adventure getting it into the condition it\u2019s in now, supported by an award from Hull Civic Society.<\/p>\n

\u201cIt was a challenging one, but one I have an enormous amount of pride in,\u201d he explains,\u201d because it represented my contribution to the ongoing regeneration of parts of the city like Anlaby Road.\u201d<\/p>\n

Does Mike plan to take it easy now he\u2019s done a good deal on his top property? \u201cI doubt it somehow \u2013 another opportunity will come along!\u201d he said.<\/p>\n

Danny Gough, managing director of MyPad Accommodation, said: \u201cThis deal was a fantastic development for all the companies involved, and indeed for Hull as a city.<\/p>\n

\u201cMyPad 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\u2019s not the only one \u2013 we\u2019re seeing many similar enquiries, week-on-week, from foreign investors who like the look of what Hull and surrounding area has to offer.<\/p>\n

\u201cAnd it\u2019s no wonder, with rental returns in Hull averaging eight to 10 per cent compared to places like Leeds and Manchester where they are closer to four or five per cent, or less. As the city really finds its feet through regeneration, there\u2019s great potential here for capital values to continue growing too.<\/p>\n

\u201cJames Legal did a great job of executing this deal and the whole process went as fast and smoothly as possible, despite the size of the property, the number of lets involved and the international nature of the transaction.\u201d<\/p>\n

Danny, who has managed the Anchor House lets since Mike first purchased it, added that, together with a corporate letting company, Easy Rooms, they have let out rooms and apartments to 100s of aspirational individuals attracted to the city, in recent years.<\/p>\n

\u201cA lot of trainees within the technology and energy sectors, and blue chip companies investing in the area, come to stay here and decide to put down roots because they like it so much,\u201d added Danny. \u201cWe have apartments in the city centre that now let for \u00a33,000 per month and it\u2019s a place people increasingly want to be, with its transport links, trendy areas like Humber Street, beautiful surrounding countryside and coast and fantastic employment potential thanks to the rapidly-growing manufacturing and renewable energy sectors.\u201d<\/p>\n

Established in 2002, MyPad act as managing agents for most of the high-profile developments in the region, and Danny Gough is Chairman of The Humber Landlords Association.<\/p>\n

James Legal MD, Simon Young, said: \u201cThis is 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 \u2013 in this case, in the midst of a historic global pandemic.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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