Hull is one of a number of UK cities where Freeport status will help bring about significant economic growth and by acting as a catalyst for trade and investment, it has been claimed.
Writing for Property Week, leader of Southampton City Council Cllr Daniel Fitzhenry said the ports with this status should enjoy a bright future economically, leading to high levels of property investment.
Mentioning Hull, he remarked: “On the Humber, Hull will be well placed to continue to attract the high levels of investment and quality jobs that have been delivered in recent years thanks to their burgeoning low carbon economy.”
He also noted that government policy selected one port per region to ensure its ‘levelling up’ agenda could focus on every part of the country, although this would mean some ports might miss out because of the success of their neighbour.
In the case of Hull, that would mean other Yorkshire and Humber locations (including airports) would not enjoy the same tax and customs advantages. This in turn could steer more investment to the city.
Property solicitors in Hull will certainly be expecting the commercial property scene to boom in the city, with the green energy sector in particular being likely to invest heavily there.
This prospect was highlighted earlier this month when the Government announced a £266 million package of government and private investment in the Humber region to help develop its green industries, creating 1,340 new jobs with the promise of more as the sector expands.
Speaking about the funding and the way it will be used, prime minister Boris Johnson said the region “embodies the UK’s green industrial revolution, with new investment into developing the next generation of wind turbines set to create new jobs, export opportunities and clean power across the country”.
Commercial property deals in Hull could include providing factories, offices and maintenance facilities for the UK offshore energy sector.