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Millhouse, Lyness, Hoy

Scotland

£480,000

Listed on 29/05/2026

Property Details

Bedrooms
3
Type
Detached

Description

Millhouse is a distinctive property set within approximately 25.06 acres on the picturesque island of Hoy, offering an exceptional canvas for renovation and investment. This C listed detached home features 2-3 bedrooms and boasts expansive views over Mill Bay, making it a fantastic opportunity for those looking to create their dream family residence or a business venture in the heart of nature. The spacious dual aspect living room/bedroom with en-suite shower room provides flexible accommodation options, while the kitchen, equipped with a Rangemaster cooker, invites culinary creativity. The cozy living room with a wood-burning stove opens directly to the garden, enhancing the inviting atmosphere of the home. A sunroom captures breathtaking sea views, presenting another space for relaxation or potential transformation. The property includes practical amenities such as a utility room and WC alongside additional first-floor bedrooms; one of which also features an en-suite shower room. Furthermore, Millhouse's extensive outdoor spaces encompass a detached garage, sheds, summer house, vegetable garden, and well-kept lawns ideal for lifestyle pursuits or smallholding endeavors. Notably, the wood-clad building currently functioning as a tearoom holds significant potential for conversion into separate living quarters or holiday accommodation pending appropriate planning permissions. This property offers not only immense charm but also considerable development opportunities in one of Orkney’s most striking landscapes.

Investment Analysis

(KW16 area)
Area Average
£197/sq ft

Renovation Potential

Medium Refurb
Est. Renovation Cost
£50,000 - £80,000
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
4
Average per month
Market Turnover
15%
Properties sold annually

Local Market Trend (KW16)

Area prices are rising by +3.0% over the last 12 months
3 year growth: -8.4%
5 year growth: +46.6%
Investment Disclaimer: Analysis based on KW16 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Any renovation cost estimates provided are AI-generated and should be considered indicative only. Renovation costs vary significantly based on property condition and scope of work. Always conduct professional surveys and get multiple quotes before making investment decisions.

Location

Millhouse, Lyness, Hoy
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Mortgage Calculator

£
£
£
%
%
years

Current average 2-year fixed rate is 4.45%

Current average variable rate is 6.60%

Monthly Repayments
£1,813
Based on a loan of £360,000 over 30 years at 4.45% interest

These results are estimates and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

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