Imperial House & Riverhead, Victoria Street West

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Town Centre Repositioning Opportunity

Substantial Vacant Freehold

Situated in a mixed commercial and retailing area in Grimsby Town Centre.

Units 1-5 Riverhead comprise a terrace of modern retail/leisure units built in the early 2000s, extending to approximately 42,981 sq ft of accommodation.

Imperial House dates from the 1970s and provides 26,520 sq ft of self-contained office space over four open plan floorplates with ground floor reception .

Total of 69,501 sq ft NIA on a 1.17-acre site.

Vacant Freehold (part leasehold).

Landmark town centre repositioning opportunity with prior approval for the conversion of Imperial House to 24 residential flats and scope for a variety of other uses (STP).

On behalf of Joint Receivers.

Unconditional Offers Invited for the Freehold interest with Vacant Possession - Subject to contract and exclusive of VAT.

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Other information

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Grimsby is located on the northeast coast of England in the county of Lincolnshire and is home to around 86,000 people (2021 Census ). The town is circa 34 miles southeast of Hull, 38 miles northeast of Lincoln and 80 miles southeast of Leeds.

Imperial House & Riverhead is centrally located and benefits from the town’s various amenities and transport systems.

The town is accessed via the A180 from the west, which links to the national motorway network via the M180, and the A16 and A46 from the south, connecting it with Lincoln, Boston and other nearby towns.

Grimsby train station provides links to Liverpool Lime Street via Manchester Piccadilly, Leicester, Nottingham, Sheffield and Cleethorpes via the Northern, TransPennine and East Midlands Railway services.

Humberside Airport (14 miles west) provides daily flights to Aberdeen and Amsterdam, with East Midlands Airport (84 miles southwest) providing further international connectivity.

Grimsby is also an established Port Town, with the River Freshney running through the town centre from Grimsby Docks.

Situation

The property sits within a mixed retail and commercial area overlooking Riverhead Square, Frederick Ward Way and Victoria Street within the town centre.

Freshney Place Shopping Centre is situated opposite the property and is home to an extensive lineup of local and national retailers.

Other nearby occupiers include multiple supermarkets such as Tesco, Asda and Sainsbury’s.

The property benefits from Grimsby Town’s strong public transport infrastructure, as it sits a mere 7-minute walk from Grimsby Town train station and adjacent the main town centre bus terminal.

Additionally, the property benefits from the Local Authority’s ongoing development and revitalisation efforts aimed at boosting the town’s economic activity and community engagement.

A commercial premises situated in amongst such levels of development represents an exciting opportunity to benefit from and contribute to this activity, boosting occupier demand and helping to create a vibrant mixed - use environment.

Description

Imperial House is a six-storey office building overlooking Riverhead Square and the River Freshney.

The building comprises a ground floor reception lobby, four upper floors of office accommodation and a sixth storey plant room, extending to 26,520 sq ft in total.

The property is currently vacant and was previously occupied by HMRC. In 2021, the building was granted planning consent for conversion to 24 se-clfontained residential flats (ref DM/0779/21/PAC).

Riverhead comprises a terrace of five modern retail/leisure units with direct frontage to Riverhead Square and Freshney Place Shopping Centre, with loading from the rear.

Unit 1 was previously used as a children’s soft play centre, Units 2-3 were formerly a gym & fitness studio, Unit 4 was a bar, and Units 5 & 5a were most recently used as a restaurant and café/public transport hub

The property also benefits from onsite parking and loading provision extending to circa 0-a.7cres, accessed via Victoria Street West and Dial Square.

Local Amenities

Grimsby boasts a rich maritime heritage and a range of local amenities to cater for its residents and visitors, including shopping, dining, recreational services and cultural attractions.

Freshney Place Shopping Centre is the largest such amenity in Northern Lincolnshire and is situated opposite Imperial House & Riverhead. With over 80 different outlets, the shopping centre provides something for everyone, including popular high street brands such as Boots, Costa, Holland & Barrett, JD Sports, M&S, Next, River Island and TK Maxx, as well as several independent boutiques. The town also has an established leisure scene, including various local restaurants and Docks Beers, which offers craft beers that are brewed onsite and hosts a variety of pop - up vendors and food trucks. Grimsby Leisure Centre caters for all fitness enthusiasts, offering a swimming pool, fully equipped gym and sports facilities including athletics, badminton, football and pickleball. Grimsby Golf Club is just 3 miles from the town centre and Cleethorpes Beach is also nearby, offering sandy shores and a promenade with an amusement arcade and cafés.

Local Planning Opportunities

The North East Lincolnshire Local Plan 2013 to 2032 (adopted 2018) is focused on supporting opportunities for local people, including to help deliver nearly 9,000 new jobs, homes and a strong community. The Grimsby Town Centre Masterplan was approved in 2020 with £25 million of funding and includes three Character Areas: Riverhead and Garth Lane, St James and Freshney, and Alexandra Dockside.

Imperial House & Riverhead are located within Grimsby Town Centre, for which the Local Plan seeks to enhance vitality and viability, extend the range of offer to a broad spectrum of the population, and promote an extension of the evening economy. This support includes a range of acceptable uses such as retail, leisure, commercial and residential.

The Local Plan also identifies several opportunity areas surrounding Imperial House & Riverhead, including Victoria Street South (potential for mixed-use including office, leisure and residential), Riverhead Square (potential for leisure incorporating restaurants, bars and cafés), and Garth Lane/Alexandra Dock (potential for mixed -use including retail, leisure and office, with potential for some residential).

Proposal

We are inviting Unconditional Offers for the Freehold and Leasehold interests, subject to contract and exclusive of VAT.

On behalf of Joint Receivers.

Development in Surrounding Area

North East Lincolnshire Council is well underway with its regeneration plans for Grimsby Town Centre, which include its recent multimillion pound acquisition of Freshney Place Shopping Centre.

Works to create a new cinema and entertainment facilities are ongoing, with Parkway Entertainment set to operate a five -screen complex alongside leisure outlets and event spaces. Grimsby’s Top Town Market is also being revitalised and given an entire new look as part of these plans.

Imperial House & Riverhead is situated directly opposite Riverhead Square, which the Council is currently rejuvenating via new public realm and event space, following the completion of works to link the Square with Garth Lane alongside new public realm around the waterfront and river basin.

Plans are also in place for an NHS Community Centre within Freshney Place, which aims to deliver new healthcare services to thousands of residents and visitors, and E -Factor’s transformation of St James House to create a new business hub: The Hive. Across the River Freshney, the former West Haven Mills are being redeveloped into a state -of-the-art facility including a social venue and support services for young people.