How much it costs to rent Hull's House of Fraser site as councillors confirm there's interest in the property
GOING: Hull's House of Fraser department store
By Hull Daily Mail | Posted: 14 Jun 2018
If House of Fraser closes its Hull store the next tenant would have to pay nearly £400,000 a year in business rates.
A Hull city councillor has confirmed there is already investor interest in the property should the struggling retailer close the prime-site store, and any new tenant would have to pay the colossal sum in rates.
Deputy city council leader Daren Hale has confirmed there is investor interest in Hull's closure-threatened House of Fraser store .
The store is one of 31 around the country earmarked for closure by the retailer. Confirmation rests on a creditors' vote on the closure plan at a meeting on June 22.
But Cllr Hale said the council was already aware of investor interest in the building should House of Fraser pull the plug. He said: "The good news is that we know there is interest in the property should the worst happen.
"It's a prime site and, for its age, the building is still in a relatively good condition."
He anticipated any future use would involve a mixture of leisure or office space on the upper floors with retail remaining on the ground and lower floors.
"We understand the store is operating profitably which makes the proposal to close it all the more disappointing.
"As a council, we are also in discussions with some of the concessions currently in House of Fraser to see how we can help them to remain in the city centre should the store close."
Around 200 people work there at the moment.
House of Fraser currently rent the building in Paragon Square. It was sold by property investment group RDI last year in a £11m deal.
The identity of the current owner is unknown because of a non-disclosure agreement signed at the time of the deal although Hull Live understands the company is based in the Middle East.