The former Marks and Spencer store and a neighbouring property in Whitefriargate have been bought by a Hull developer.
Wykeland Group has acquired the 60,000 and 42,000 sq ft buildings, the two largest properties on the historic Hull street that has been highlighted by Hull City Council as a priority area for regeneration.
Hull City Council has already secured £2.75m in grants from Historic England (£1.75m) and the Humber LEP (£1m).
The street is also one of the initial 50 shortlisted targets for the Government’s Future High Street Fund, which could secure up to a further £22m investment.
Hull’s Wykeland has purchased the freehold of the former M&S store from the food and clothing retailer and another property, which incorporates HMV and the former New Look unit.
Dominic Gibbons, Wykeland managing director, said: “Whitefriargate is a very important and historic part of the city centre. We see these properties as important assets and key to our desire to continue to play a leading role in Hull’s regeneration.
“We are working on short, medium and long-term strategies for their future use and will be discussing opportunities with stakeholders, including, of course, Hull City Council.”