This is an exceptional opportunity to invest in the second phase of the well-regarded Old Mill development, a distinguished Grade II listed riverside structure awaiting transformation into 20 contemporary apartments. Currently in a shell condition, this property represents a blank canvas for developers and investors alike, with full planning permission already secured for conversion. The previous phase has successfully established itself with 22 fully let apartments generating around £160,000 annually, showcasing robust market demand and rental potential.
The four-story building includes existing staircases, and crucially, the top floor has already been studded out, benefiting from Velux windows and balconies. This progress significantly mitigates initial construction work, offering a streamlined approach to achieving full functionality.
Located in a prime riverside setting with ample off-street parking, this phase can replicate its predecessor's success by catering to the local rental market with a blend of one- and two-bedroom apartments. The surrounding area is undergoing substantial regeneration, which bodes well for future value appreciation.
Whether you are an experienced developer or an investor seeking a promising project that comes with planning approval and established demand, this property stands out as a compelling opportunity with much groundwork complete.
