An event designed to encourage investment in Hull could provide many new opportunities for commercial and residential landlords in Hull.
Those investing in commercial property could see increased demand for business premises if more money pours into the city, especially in growing industries like offshore energy, through the regeneration of the city centre, and the establishment of a new freeport.
All these elements of the city’s potential were highlighted at the event organised by the UK Real Estate Investment and Infrastructure Forum (UKREiiF), Business Live reports.
Promoting levelling up and the opportunities on offer to investors, the three-day event this week featured presentations by the Invest Hull team, which was set up by the city council.
Commercial property solicitors in Hull could be busy if these efforts bear fruit, with more investment coming to the city to follow the likes of Siemens, which has brought a £3.5 billion boost to the local economy as a major manufacturer of offshore wind turbines.
Commenting on the initiative, assistant director of economic development and regeneration at Hull City Council Alex Codd said: “Hull is the home of offshore wind and has witnessed in excess of half a billion pounds of investment into state-of-the-art facilities.”
He added: “The Invest Hull team and partners will outline the next chapter in the story with the emergence of the Humber Freeport.”
The need for more commercial investment in Hull is clear from the latest economic data in the city.
As the Hull Daily Mail noted, the current tally of 9,400 unemployed in the city means there are 4.4 potential candidates for every job vacancy. This compares unfavourably both to the neighbouring East Riding, where the ratio of job seekers to vacancies is 1.3, and the UK as a whole, where it is 1.2.
These figures, provided by the Local Government Association (LGA) and the Institute for Employment Studies and based on job vacancy data from Adzuna, demonstrated significant disparities in this ratio across the country.
Commenting on this data, the LGA noted that lower numbers of vacancies are a common feature of “coastal areas and post-industrial regions”.
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