A large industrial park has changed hands in a multi-million pound deal between two well-known names.
Kingston International Business Park, thought to be Hull’s largest multi-let industrial park, has been bought by J R Rix & Sons from Wykeland Group,
The deal ends almost three decades of ownership and investment by the commercial developer. Wykeland purchased the site in 1991 from the administrators of engineering business Priestmans after the historic Hull company folded with the loss of hundreds of jobs, leaving the site vacant.
Over the past 28 years Wykeland has completed new buildings, refurbished existing facilities and invested in the infrastructure across the 30-acre site to create a 500,000 sq ft business park where close to 1,000 people are now employed by a range of companies including Crestwood Fittings, Paneltex and Harrison Solway Logistics.
Wykeland managing director Dominic Gibbons said: “When we put Kingston International Business Park on the market in late 2018 we did not anticipate the site would be purchased by a local operator, so we’re delighted the new owner is a Hull company.
“We know J R Rix well as a long-established and highly-respected Hull business which will build on the long-term relationships we have created with the primarily locally-owned businesses on site.
“Kingston International Business Park is 100 per cent let and we have made a strategic decision to divest this asset as the market conditions are right for the sale.”
The acquisition, for an undisclosed sum, is the biggest single investment in the 140-year history of Rix Group. The company also owns Tower House Lane, which borders the business park to the east, and Stoneferry – a company which shares the same directors as J R Rix & Sons – owns Unicorn Business Park directly to the west of the site.
Tim Rix CBE, chief executive of J R Rix, said: “Acquiring Kingston International Business Park is a great move for us because it joins together the two business parks which we already have an interest in on either side of the site.
“Together, the three parks total more than 70 acres and that gives us more flexibility to provide commercial premises that fulfil our operational needs and our tenants’ space requirements, particularly on the Tower House Lane side.”
Developer Wykeland has a development pipeline of almost £400m within the region. Schemes include Bridgehead business park; @TheDock, which is home to C4DI; Melton West business park; G@Glasshoughton; Europarc in Grimsby; and Treadmills in Northallerton.
The company is also driving forward the £80m regeneration of the Fruit Market in Hull.
Mr Gibbons added: “The sale of Kingston International Business Park releases the value of a fully-developed asset to focus on our many, exciting new-build schemes.
“Funds from the sale will be reinvested into our growing portfolio of projects, creating new development opportunities and jobs across the region.”
J R Rix was advised on the deal by Rollits and Garness Jones. Andrew Jackson Solicitors and Carrick Real Estate represented Wykeland.