Rollits secures its future with Citadel House investment
Pictured is Ralph Gilbert, Managing Partner of Rollits.
FREEHOLD and flexibility are the keys to a deal which has seen a prime office site in Hull’s Old Town acquired by a law firm with a long and proud heritage in the city.
The acquisition by Rollits of Citadel House for an undisclosed sum keeps the firm within a short walk of the premises in Bowlalley Lane, Whitefriargate and Market Place which it occupied during its first 150 years.
Now, as it approaches its 175th anniversary next year, the firm is on the move again, from the offices in Wilberforce Court which it has leased since 1991.
Paul White, agency director of Garness Jones chartered surveyors, said Rollits faced competition from other potential buyers for the 17,000 square-foot Citadel House and has been rewarded for its foresight in considering lease options.
Paul said: “Our advice to leaseholders is always to consider their options well ahead of any renewal date because even if you decide not to move it is important to allow enough time to explore the market and make your decision for the right reasons.
“In this case Rollits were a few months from the end of their 25-year lease at Wilberforce Court. They had the option of extending that but they wanted to see what else was available and they were particularly interested in Citadel House.
“We had spoken to a number of other parties about the building, which represented a very good opportunity. There was nothing else of this size and quality available within the city centre or surrounding area on a freehold basis.”
Rollits currently employs 100 people across its offices in Hull and York. Pat Coyle, the firm’s Director of Client Relations, said the four floors of Citadel House will support expansion plans more effectively because of the flexible, open plan design.
She said: “We considered various options, some of them outside the city, but we started in Bowlalley Lane and we have always had our hearts and roots in the Old Town.
“The open plan design gives us a blank canvas which enables us to put our mark on the building. Securing the freehold future-proofs the firm and our ambitious expansion plans going forward, and we are now working on the timetable for moving in.”
