Almost £2 million of private capital is to be invested into the former Hammonds of Hull building as part of an extensive transformation.
Redefine Paragon Square Hull Limited’s project is being supported by Levelling Up Funding (LUF) and has been awarded £315,000 for the refurbishment of 1 Paragon Square.
The grant has come from LUF monies given to Hull City Council for city centre regeneration by the government’s Department of Levelling Up, Housing, Communities.
The application is to facilitate the repurposing of the basement, third and fourth floors of the building to allow for a mix of additional office space and event space.
The total project cost is estimated around £2,233,161, meaning over £1.91 million of private capital is to be invested by the applicant.
Refurbishment of 1 Paragon Square will bring back into use 3,340.9 sqm of vacant and unused floor space.
Part of the plans also include a rooftop terrace for tenant use.
Cllr Paul Drake-Davis, portfolio holder for regeneration at the council, said: “This is a significant investment into one of the most iconic buildings in Hull city centre.
“We have already seen the success of ResQ in the former Hammonds of Hull building, thanks to support from LUF.
“However, there is still so much potential to unlock and this latest LUF grant, along with almost £2 million of private investment, will help to do that.”
