A CHINESE utilities firm is bankrolling a multi-million-pound expansion of a Hedon company.
Hydrocore Ltd, which manufactures water pumps and sprinkler systems, is undergoing a major relocation from its current 4,000sq ft site at Priory Park business complex to its new 40,000sq ft home at Harpings Business Park, off National Avenue.
The move comes after the firm was chosen by Chinese investors to manufacture specialised sprinkler components to be exported to China and used in future building developments.
Bosses from the Chinese company, which cannot be identified, visited the site to finalise the deal within a week of it being identified as a possible expansion plot.
Scotts Property LLP announced the sale of the business park on its website.
Matthew Tomlinson, a surveyor at Scotts, said: "The deal happened very quickly once there was the interest from the Chinese company.
"Hyrdrocore was approached by the company and asked to manufacture water pumps to be used in sprinkler systems in China.
"The reason for this is the China- based company doesn't have the confidence in Chinese manufacturing so wants to outsource its production."
Hyrdrocore's expansion is also likely to create a significant number of local jobs, although the exact number is not yet known.
The high-specification 1.8-acre business park was built about ten years ago and had received interest from a number of other local firms looking to rent the site.
Mr Tomlinson said: "I am pleased to announce the sale, which included a degree of overseas investment into the city and, in due course, will lead to the creation of much-needed jobs.
"We had a number of parties interested in letting the space prior to the approach to buy. We have since sourced alternative premises for this leasehold interest. Demand clearly exists for quality modern space."
Business leaders in Hull have welcomed the announcement of the deal.
David Hooper, external affairs manager at the Hull and Humber Chamber of Commerce, said the development is another sign of Hull and the Humber's international business appeal.
"We are delighted to see Hydrocore Ltd expanding and attracting investment on this scale," he said.
"A company that has the resources available to expand its work space by ten times in one move has to be good news for the region and it is fantastic the Chinese investors have chosen a site in Hull to develop Hydrocore Ltd.
"It is another feather in the cap for the region."
Work has already begun on relocating Hydrocore's facilities to the new site off National Avenue.
Neither Hydrocore Ltd nor the Chinese investors were available for comment.
Copyright © Scotts Property LLP, 2007 - 2022. All Rights Reserved.
Design & Build by eyeweb