Work to transform a prominent office block into a residential development has been completed in Hull.
Sheffield-based Krish Ventures is behind the multi-million pound scheme at 94 Alfred Gelder Street, where upper floors have been converted into 20 serviced apartments, leaving the ground floor available for retail or leisure use.
Branded as Humber Lofts, they range from one-bed studios to three-bed penthouse suites, with the focus on the short stay ‘home-from-home’ market.
Read more: £ 1.2m project to bring prominent former Hull hotel back to life as 17 apartments
Facing The Guildhall, it was formerly home to Scotts Property, latterly with Kardomah 94 below – a venue opened by Scotts’ former managing partner Malcolm Scott and Calvin Innes, who now heads up the Drunk Animal digital agency in the city.
Scotts moved to the Fruit Market days before the pandemic struck in March 2020.
Privately-owned property lender ASG Finance supported Raj Krishnasamy, the lead figure behind the development.
The deal covered the acquisition and refurbishment 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 converting the empty office building to 20 serviced apartments offering a high standard of accommodation for people needing both short and long term stays.
“It has been a pleasure to provide the funding to help with the purchase of the building and the construction costs, which has now been refinanced onto a longer-term facility with a mainstream lender.
“We look forward to discussing future projects with Raj and helping him on his next scheme.”
Mark Storey at BHP Debt Advisory and Lyndon Campbell at Bevan Brittan were praised for their support in bringing together the deal.
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