News and Blogs

11 November 2021
Investor appoints Garness Jones to manage commercial property portfolio following multi-million pound acquisition

Garness Jones are delighted to have been appointed to manage a large East Yorkshire commercial property portfolio on behalf of a local investor who recently purchased the premises in a multi-million pound deal.

The deal for the ‘Humberside Investment Portfolio’ was handled by Garness Jones, acting on behalf of the buyer, and Penrose Commercial, who acted on behalf of the selling property company which had built up the portfolio over the past 35 years.

Properties included in the sale are based in Hull, Beverley, Hessle, Cottingham and Anlaby and include four small shopping centres and parades, retail and hospitality premises in busy locations, a trade counter and an industrial unit.

Some of the shopping centres have the potential to be developed into new upper floor apartments, with the portfolio only coming onto the market due to retirement.

Garness Jones were able to use our range of expertise of investment knowledge, occupational agency experience and management expertise in bringing this investment asset into our client’s ownership.

We would like to thank Tom Penrose of Penrose Commercial and Andrew Cooney of Stamp Jackson and Procter for their assistance in acting for the vendor, and Mark Teal of Gosschalks in acting with us for the purchaser.

Management support to help investment meet full potential

Dave Garness, managing director of Garness Jones, said: “We have been delighted to support this investor in purchasing what is a superb portfolio of properties across East Yorkshire, and also to be appointed to manage them going forward.

“The four local shopping centres and parades are situated in some of the region’s most affluent suburbs and have many well-established tenants already providing an excellent spread of rental income.

“Importantly this portfolio also offers many opportunities for improvement for both the landlord and tenants with careful asset management. There is the potential to freshen up the retail centres and to convert empty upper floors into apartments, again in highly desirable locations.

“For our client and for us as a business we are looking forward to ensuring we help this investment reach its full potential over the coming years.”