This is a notable chance to invest in the second phase of the successful Old Mill development, featuring a distinguished Grade II listed riverside building. Currently in shell condition, this property holds full planning permission for the conversion into 20 residential apartments, making it an ideal project for developers and investors. The groundwork is effectively laid out with existing staircases and a partially studded top floor that is already fitted with Velux windows and balconies. This existing structure expedites the redevelopment timeline significantly.
The first phase nearby has proven to be lucrative, generating an annual rental income of around £160,000 from 22 units. Rents vary from £600-£675 on lower floors to £800-£875 for those on the upper floors, indicating strong tenant demand and promising growth potential. Located in a picturesque riverside setting with ample off-street parking, this second phase aims to replicate its predecessor's success by offering a mix of one- and two-bedroom apartments that suit current rental market needs.
Furthermore, the surrounding area is witnessing substantial regeneration efforts, enhancing the property's long-term investment appeal. Whether you're a seasoned investor looking to enhance your portfolio or a developer eager for a project backed by planning approvals and evident demand, this opportunity stands out with significant potential for profitable returns.
