Work to transform a major office building into a residential development has been completed in Hull.
Sheffield-based Krish Ventures is behind the multimillion-pound scheme at 94 Alfred Gelder Street, where the upper floors have been converted into 20 serviced apartments, leaving the ground floor available for sale at retail or leisure.
Under the Humber Lofts brand, they range from one-bed studios to three-bed penthouse suites, with a focus on the short-stay market.
Read more: £1.2m project to bring former Hull Hotel back to life as 17 apartments
Opposite The Guildhall, it once housed Scotts Property, most recently with Kardomah 94 below – a location opened by former Scotts managing partner Malcolm Scott and Calvin Innes, who now runs digital agency Drunk Animal in the town.
Scotts moved to Fruit Market days before the pandemic hit in March 2020.
Private property lender ASG Finance has backed development figurehead Raj Krishnasamy.
The agreement was for the acquisition and renovation of the property. The 20 serviced apartments are the newest addition to Krish Ventures’ growing residential investment portfolio.
Mark Heyes, Specialist Property Lender at Barnsley-based ASG, said: ‘Raj has done an excellent job of converting the empty office block into 20 serviced apartments providing high standard accommodation for people in need of short breaks. short and long term.
“It was a pleasure to provide the financing to help with the building purchase and construction costs, which has now been refinanced on a longer term facility with a traditional lender.
“We look forward to discussing future plans with Raj and helping him with his next project.”
Mark Storey of BHP Debt Advisory and Lyndon Campbell of Bevan Brittan were praised for their support in closing the deal.