All flats in first block snapped up

February 2008

All 133 apartments in one of the four buildings in the first phase of a £65m riverside development in Hull have been sold before a brick has been laid.

The off-plan sale by developer Pure Urban has been hailed as a major boost for The Boom project overlooking the River Hull.

The one-bedroom apartments have been bought for an undisclosed sum by Mayfair-based Delph Property Group.

The deal means Delph will now take charge of letting all the apartments in the block.

As yet, no rental details have been finalised, although the flats are being described as "executive one-bed apartments" on its website.

The company currently owns a portfolio of more than 1,000 residential properties across the UK, many of them in prominent city centre developments.

Last year it spent more than £50m on acquiring residential units, from completed developments to off-plan deals, similar to The Boom, where building work has yet to start.

David Green, Delph's director of operations, said: "This is a landmark scheme for Hull that will be a major boost for the social and economic future of the city.

"The location and design of the residential units is perfect, on the east bank of the River Hull and on the doorstep to the city centre."

The Pure Urban consortium includes local companies Horncastle, Scurton & Co. and Venture Business Park.

Ian Hodges, a director at Horncastle, said: "We are delighted to have attracted such a major investor to Hull.

"Delph is very selective about where it invests. It has seen the potential in Hull

"This sale anchors the development, enabling us to move forward with the design of complimentary accommodation in other buildings."

Mr Hodges revealed talks with Delph over The Boom had been taking place for the past two years while planning permission for the scheme was still in the pipeline.

The final planning go-ahead for the first phase of the development was secured last month.

Mr Hodges said Pure Urban planned to start construction work on the first apartment building in the autumn with completion scheduled 18 months later.

The second adjacent building will feature apartments to purchase through shared ownership deals aimed at first time buyers in an initiative being funded by national regeneration agency English Partnerships.

 Hull Daily Mail 28.02.08

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