The new owner of Hull’s Prospect Shopping Centre plans to make it the leading retail destination locally after securing £4.7m to buy it.
Z&F Properties boss Zahid Iqbal has bought the roughly 2ha site in Hull city centre which now joins a number of West Yorkshire shopping centres in the company’s portfolio. Mr Iqbal said the company had a clear vision for Prospect Shopping Centre and he looked forward to sharing their plans for the site.
Dave Jones, of the Reward Finance Group which loaned the money to buy the site, said Mr Iqbal had a track record of transforming shopping centres. The purchase follows the announcement of Z&F Properties’ takeover of the site in February.
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Chris Higgins, marketing director for the new owners, told LDRS at the time that they aimed to make Prospect Shopping Centre a destination with a focus on independent retailers. He added plans also included events such as markets and craft fairs, turning its disused food court into a play area and paying homage to its history through decor.
Z&F Properties also owns The Ridings Shopping Centre in Wakefield, Huddersfield’s Packhorse Shopping Centre and Batley Plaza. Prospect Centre is home to brands such as Greggs and Specsavers and attracts around 6m shoppers every year.
Reward’s loan to Z&F to buy the site is one of the largest provided by the company which specialises in tailored lending deals. Mr Iqbal said he firmly believed sites like the Prospect Shopping Centre remained the lifeblood of local economies despite competition from out-of-town retail parks.
He said: “This latest acquisition of the Prospect Shopping Centre underlies our commitment to investing in Hull and transforming one of its most prominent shopping centres into the primary retail destination for people locally. We’ve established a clear vision for what we want to do with the centre and are looking forward to sharing our exciting future plans with new and existing retail tenants and the millions of visitors who shop here each year.”
Reward’s Mr Jones said they were delighted to assist Mr Iqbal after previously lending to him to help him buy The Ridings Shopping Centre. The Director said: “Zahid is one of the most highly respected entrepreneurs and property developers in the region and has a phenomenal track record in acquiring and transforming a growing portfolio of shopping centres. We’re proud to be a part of this journey and look forward to supporting Zahid in his vision to transform the wider regional town and city centre retail landscape.”