Wigwam

Guide price - £400,000 - £450,00 - We are pleased to offer Maritime House, a vacant freehold commercial property boasting an internal footprint of circa 833 sqm on 0.4 acres of land. The prominent two-storey detached office building is conveniently located in close proximity to Hull's old town, Humber Street, Hull Marina and Kingston Retail Park. 

Benefitting from Class E use, so is suitable for retail, financial services, office, medical, gym, and restaurant use.

Opportunity
On 1st September 2023, Hull City Council approved planning for the "Conversion of and extensions to the existing building to form 20 apartments and a ground floor management office", of which 15 car parking spaces were also permitted under the approval. Internal footprint would increase 1,710 sqm. Below is a schedule of the building's proposed layout as per planning:

1 x Management office (84 sqm)
4 x One-bed apartments (between 54 sqm and 70 sqm)
12 x Two-bed apartments (between 71 sqm and 95 sqm - includes one duplex)
4 x Three-bed apartments (between 88 sqm and 109 sqm)

https://www.hullcc.gov.uk/padcbc/publicaccess-live/applicationDetails.do?keyVal=R8UK16SO06800&activeTab=summary

Estimated Market Rents
One-bed apt. - £750 pcm
Two-bed apt. - £800 pcm
Two-bed duplex apt. - £825 pcm
Three-bed apt. - £900 pcm
Parking spaces - £25 pcm

Total - £16,600 pcm

Compliance
Non-domestic EPC rating: F (131)
Rateable value: £23,750 effective 1st April 2023
VAT: Property not elected for VAT