Hull seeks £17m to unlock £125m for East Bank Urban Village

The 15-year development from the city council and ECF would deliver 850 new homes on the Old Town site.

Due to a viability gap, the council and the consortium between Muse, National Housing Bank, and Legal & General are requesting £17m from Hull City Council to kickstart the scheme.

According to a council report, “the site has known abnormal development costs and will require significant upfront levels of investment.”

The funding would support delivery of early phases of the site, which is bound by the River Hull to the west, Tower Street to the east, and the Tower Street Car Park to the south.

Cabinet approval would precede the significant public and private investment needed, with discussions ongoing with Hull and East Yorkshire Combined Authority and Homes England.

The money would go towards the first two phases, which are expected to deliver around 400 townhouses and apartments.

If approved, the 115-home phase one would start in spring 2027, with completion of the scheme pencilled for spring 2036.  The second phase, which would see 267 homes built, would start in autumn 2028, with a target completion of winter 2030.

The £17m would also go towards land assembly, remediation, and enabling works to get those two phases off the ground.

Cllr Paul Drake-Davis, portfolio holder for economic renewal and housing at Hull City Council, said: “East Bank Urban Village is a landmark regeneration scheme in Hull that will transform the city centre and act as a catalyst for further investment and development.

“Hull City Council continues to lead the way in turning these plans into a reality, which will help to both support Hull’s economy and also provide hundreds of new homes and affordable homes for our residents.”

The council and ECF submitted the initial proposals in April, setting out plans to boost the city centre, Old Town, and Fruit Market areas.

The scheme is already supported by £9.8m in Levelling Up funding, which will also contribute towards enabling works and early infrastructure delivery.

East Bank is considered a catalyst site for the City Centre Vision and would contribute towards the council’s ambition to deliver 2,500 new homes through its local plan.

The city council’s economy and environment scrutiny committee will be looking at the funding request on Thursday.