James Legal oversees multi-million-pound sale of Anchor House in Hull

James Legal oversees multi-million-pound sale of Anchor House in Hull

James Legal handled Hull property company Westfield Homebuyers’s sale of Anchor House to a Chinese businessman in a multi-million-pound deal.

Westfield founder Mike Clayton purchased the iconic property from a housing association at auction five years ago and spent the following year on a refurbishment that transformed it into a high-quality rental complex.

Anchor House, which comprises 44 ensuite bedrooms, 17 studio rooms and 12 self-contained flats, is at the epicentre of Hull’s ongoing regeneration and home to a range of young professionals, including medical staff working at Hull Royal Infirmary and visitors to some of Hull’s major industrial employers.

Hull lettings and management firm MyPad acts as management agent for the building.

Anchor House has now been sold as 96% let by Clayton, who, entering semi-retirement, decided the time was right to let someone else take over its running. He wasn’t surprised when it was snapped up by an overseas buyer.

Clayton said: “Hull represents a really good investment compared to traditional hubs like London, Manchester or Leeds, because property remains relatively good value here, while still returning solid rental yields, particularly with interest rates on traditional savings still historically low.”

Dealing with an international purchase in the middle of a global pandemic was no mean feat. Clayton said: “It did take longer than the three weeks we’d originally hoped for! In the end, the deal eventually went through after about six months.”

James Legal have been a key partner in the sale. Their excellent communication ensured I understood the options available to me throughout the process. Their expertise was essential to this large project. I’m very thankful for their drive, determination, and practical help on my behalf.”

James Legal’s Hull office, led by director Kelly Bannister and supported by senior property solicitor Mike Stoney and corporate solicitor Byron Swarbrick, worked on the sale.

Stoney said: “This was a complex transaction which evolved over time and my corporate colleague Byron and I needed to adapt and keep pace with that developing situation, constantly looking for solutions to get this sale across the line as efficiently as possible.”

“We had more than a few late night calls and sudden changes of direction but, despite some exasperating moments for all involved, we managed to work closely with our clients, keep up spirits and get the job done, while also having the occasional, pressure-relieving laugh along the way.”

Bannister added: “We have had a strong relationship with Mike and MyPad for many years, so we were delighted to assist with this important sale.”

“We look forward to continuing to work with them, to help realise their commercial objectives.”

Pictured: Danny Gough (managing director of MyPad Accommodation), Mike Clayton and Byron Swarbrick
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Mark Dugdale

Mark is the Editor of Yorkshire Legal. Mark welcomes articles, letters or feedback from readers and can be reached by emailing mark.dugdale@barkerbrooks.co.uk