High Flags Wharf Wincolmlee 37,780 sq ft 100% Let Industrial Property Hull HU2 0PZ £175,000 (£4.63/sq ft)

An excellent development opportunity of a Grade II Listed former Mill with full planning approval for conversion to create 20 self-contained apartments.
A rare opportunity to acquire the second phase of the highly successful Old Mill development—an impressive Grade II listed riverside building with full planning permission granted for conversion into 20 apartments, including 2 large penthouse apartments on the top floor. The property is currently a shell, offering developers and investors a blank canvas to replicate the neighbouring scheme, which was completed and fully let, achieving a strong rental yield and excellent market response.
The building spans four floors, with a new Building Regulations-approved metal staircase in place. The top floor is already studded out, complete with Velux windows and balconies constructed into the new roof, indicating progress and structural readiness for conversion. This setup significantly reduces the upfront redevelopment work and offers a clear path to completion. Some windows have also been replaced, an electrical supply has been installed, and the building is free of pigeon infestation. As part of the development, the neighbouring industrial building will be demolished to create parking for the flats; however, it is currently let on a 12-month business tenancy on a full repairing basis at a rent of £5,198pa (£433pcm).
The first phase of the development (located next door) comprises 22 apartments and now generates an impressive annual rental income of approximately £160,000. Rents in the existing building range from £600-£675 per flat on the lower floors to £800-£875 per flat on the top-floor apartments, demonstrating strong demand and rental growth potential.
Set in a riverside location with access to ample off-street parking, this second phase benefits from the same appeal that made Phase 1 a resounding success. The approved plans allow a mix of one- and two-bedroom apartments, ideally suited to the local rental market. Additionally, the surrounding area is undergoing major regeneration, further enhancing the long-term investment outlook. Whether you’re an experienced investor looking to expand your portfolio or a developer seeking a project with planning, proven demand, and significant upside, this opportunity represents exceptional potential with much of the groundwork already in place.