20 bed block of flats for sale

Wincomlee, Hull HU2

Guide Price £375,000 - £400,000 plus Reservation Fee

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. The property is currently a shell, offering developers and investors the ideal blank canvas to replicate the neighbouring scheme, which was completed and fully let, achieving a strong rental yield and excellent market response.

The building itself spans four floors with existing staircases in place. The top floor is already studded out, complete with Velux windows and balconies, indicating progress and structural readiness for conversion. This setup significantly reduces the upfront redevelopment work and offers a clear path to completion.

The first phase of the development—located directly next door—comprises 22 apartments and now generates an impressive annual rental income of approximately £160,000. Rents in the existing building currently 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 an idyllic 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 for 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.

Planning Reference 00019127L
Ref number 14/00879/full

**Fees, Exclusivity, and Disclaimer:**

**Fees:**

**Reservation Fee:** Upon acceptance of an offer, the Buyer is required to pay a non-refundable Reservation Fee of 2% to a minimum of £2500 plus VAT. The Reservation Fee is paid on top of the purchase price. This reservation fee ensures that the property is taken off the market as soon as a sale is agreed, eliminating gazumping, time wasting, and financial loss.

The Reservation Fee can be refunded under certain circumstances;

i.e the seller deciding to pull out, a chain collapsing or structural issues verified by a structural survey. For more information on what would qualify for a refund then please speak to the office

**Exclusivity:**

Following the payment of the reservation fee, rezee will facilitate a fixed exclusivity period of 90 days from draft contracts being issued. During this time the property will be reserved, so there will be no risk of gazumping.

**Process:**

Our process:

1. Register your interest

2. Prepare your finances for the purchase

3. Arrange a viewing

4. Make an offer

5. Secure your sale using our secure system

6. Exchange and complete

**Disclaimer:**

The property has a Ready Sale Pack, which gives additional information regarding the property. It is the Buyer’s responsibility to request & examine the Ready Sale Pack before committing to purchase the property. We advise you also carry out your own due diligence prior to making an offer.

The Buyer is required to verify their id & show proof of funds.

rezee offers additional services, such as conveyancing, financial advice, surveying & other services associated with selling & buying a property. rezee may receive a referral fee for these third-party services.

We endeavour to make our sales particulars accurate and reliable, however, they do not constitute or form part of an offer or any contract and none is to be relied upon as statements of representation or fact.

Stamp Duty, It's important for buyers to understand that not all property purchases incur Stamp Duty Land Tax (sdlt). Certain exemptions and thresholds exist, which may mean that some buyers won't have to pay sdlt at all. However, the specifics can vary based on several factors such as the purchase price, the buyer's circumstances and seller’s circumstances. To determine whether sdlt applies to their purchase and to understand the amount they may be required to pay, buyers are encouraged to seek advice from a solicitor.

rezee innovative way of selling is a secure and straightforward way to buy property.

Please note: To ensure the highest level of customer service, all calls may be recorded and monitored for training and quality purposes.