41 High Street, The Old Dutch Embassy

Development Overview

41 High Street, The Old Dutch Embassy is a grade II listed building steeped in history, originally built in 1664 by the sheriff of Hull. This amazing building is part of Hull cities historical tour, in which people are told of the jewel encrusted rooms and tombs built into the entrance walls. The property was transformed to offices in the late 90’s, when it was taken over as the Dutch Embassy. Planning was then achieved to convert this unique property into 12 self-contained apartments including duplex units.

The development team behind the project, Sourced Developments, were very keen to maintain the buildings character when undergoing the conversion. This is noted by the open brickwork in certain areas and parts of its history maintained. Where necessary, the developer has added modern touches, such as handmade Italian spiral staircases in the duplex units.

Upon completion of the apartments in November 2022, the developer immediately had a local lettings agent rent out the apartments. Finding tenants was not a difficult task given the huge demand in the area and so all are fully tenanted. As an added bonus to this investment opportunity, the developer has made sure the lease allows for short term lets, should investors wish to take advantage of the incredibly popular short term let market in Hull.

Kingston upon Hull or just Hull is in the county of East Riding of Yorkshire, 37 miles South East of York & 154 miles north of London. Hull is located two miles north of the Lincolnshire border. It sits on the River Hull with the Humber Estuary, 25 miles inland from the North Sea. Close to the M62 and A63 it is easily accessible to Leeds, Manchester and Liverpool.

P&O Ferries provide daily ferry services from King George Dock in Hull to Zeebrugge and Rotterdam.

The nearest airport is Humberside Airport, 20 miles away in Lincolnshire, which provides flights to Amsterdam and Aberdeen. Doncaster Sheffield Airport in South Yorkshire is 48 miles from Hull providing a wider choice of flights European destinations. The closest airport with intercontinental flights is Leeds Bradford Airport, 70 miles away.

• York 37 miles

• Doncaster 48 miles

• Leeds 60 miles

• Sheffield 70 miles

• Manchester 100 miles

WHY HULL?

Hull is a city where rental demand is high and where the average property price is well below the UK average. The local rental supply is severely limited, and as such rental values have been climbing for several years. Yields have been strong of recent times, and homes here have been appreciating at a steady pace. Land Registry data indicates that, across Hull, average house prices rose by +9.2% in the 12 months to January 2023. Although things have slowed since January, most sources point to a modest and continuing upward trend.

It’s a city in which employment rates are rising fast, and where businesses are recovering swiftly from the pandemic, and where both public and private sector bodies have been making massive investments.

All the signs are that the economy will grow quickly, together with job numbers and the size of the local population. This, of course, all bodes extremely well in terms of rental demand, yields and long-term capital appreciation.

Key Hull investment points to consider:

• A growing population

• Rising demand for property and rentals

• Major inward investment

• A major city centre regeneration plan

• Steady growth in high-value, future-proof sectors

• A large university student population

• Rising employment

• Very low property investment costs

Some quick Economic Stats for Hull

• Economy circa £6.2b

• Economic Growth +£1.4 billion since 2013

• Employment growth +20,000 since 2013

• Population growth +28,000 by 2035

The city is benefiting from substantial employment growth and inward investment – both factors that work in favour of local property investors. Over £1 billion of regeneration schemes are now in progress. Some of the most notable developments include:

• Green Port Hull

• Siemens wind turbine blade factory

• Centre for Scientific Excellence (Reckitt Benckiser)

Hull held the title of UK City of Culture 2017 to 2021. Initially, this prompted a surge in investment and visitor spending boosting the city economy by an estimated £89 million per annum by 2019. Hull Council writes that “£250 million (including £150m from the City Council) were invested into the consumer and visitor destination economy, improving our living environment and supporting the City of Culture.” It also records that its status “brought in over 5 million visitors and created over 800 jobs.”

Key Investment Areas

• The £200m Energy Works schema. Lead by the Spencer Group, this will create one of the country’s most advanced green energy facilities.

• New £450m enterprise zone

• A £130m facelift for the Albion Square complex

• The £86m transformation of Hull’s cultural quarters into a new creative hub that will generate new employment in the digital and media sectors.

• An award-winning transport interchange handling 24,000 passengers each day.

• A new university technical Collage costing £10m

• A new £16m cruise ship terminal

41 High Street Location

The development is located in the heart of the town centre, easy access to all required local amenities, with a Tesco Express 3 mins walk away. Pay & display parking is also within a few minutes walk.

• Ye Olde Black Boy pub (dating back to 1729AD)

• Hull & East Riding Museum

• Hull New Theatre

• Train Station

• St Stephens Centre

• Hull Royal Infirmary

• Humber Bridge

41 High Street is located in what is known as Hull’s Old Town. Old Town is a locally known stunning area of the city, popular for its old English pubs and eateries, rife with original architecture and brimming with culture. It attracts both locals and tourists, looking for light lunch or a relaxing evening out. With delicatessens to well reviewed cafes this historic quarter is one of Hulls gems, well worth a visit.

Some of the stand out places to visit in Old Town include the Hull and East Riding Museum of Archaeology, the Hepworth Arcade and the George Hotel, home to the smallest window in the world, where it is said porters peered through, waiting for coaches and customers.

41 High Street

The Old Dutch Embassy

This magnificent building sympathetically restored in the heart of the historic quarter of Hull’s city centre has been bought back to its original splendour. Purchased as derelict offices, and previously the city’s Dutch Consulate; built by the Sheriff and Mayor of Hull, George Crowle in the 17th century.

The property is the final stop on Historic England’s walking tour of Hull’s old town and has been used as the backdrop for the 2019 film The Personal History of David Copperfield and more recently the Netflix series Enola Holmes.

Before the transformation of this historical building there were still pictures of the Netherlands’ Royal family on the walls and an old passport control desk. Builders said they have had a couple of elderly people turn up and ask where they can sign so they can receive their pensions.

The house was built for Alderman George Crowle in 1664, who traded with the Low Countries, Scandinavia, and the Baltic.

Crowle was Sheriff of Hull in 1657 and Mayor in 1661. It was designed by Hull bricklayer William Catlyn who was also responsible for two other well-known Old Town buildings – the Olde White Harte on Silver Street and Wilberforce House.

41 High Street

The Old Dutch Embassy

Some of the remarkable features for this property:

• Historical building built in 1664, part listed, on a cobble street.

• Mixture of one beds and two beds some of which are duplex

• 12 Apartments.

• All tenanted but 2 month’s notice can be given upon completion.

• The building backs onto the Humber river and situated in the cultural sector of Hull.

• A couple of the duplex apartments have spiral staircases.

• Character building, with a lot of the original features retained such as open brickwork.

• Prices start from £107,000

• Short Term Lets allowed in the lease.

• 250 Year Lease.

• £50 Ground Rent.

Specification:

White Goods Included:

Zanussi Oven/Hob

Fridge Freezer

Washing Machine

Flooring:

All flooring fitted with both Carpet and Vinyl throughout

Other:

Individual Secure Post Boxes

Communal Bin Store

Bicycle Storage Area

Intercom Access System