Back Maling Street, Ouseburn, Newcastle Upon Tyne
- £500,000 Offers Over
- 0 bedroom
- 0 bathroom
- Development site with planning permission in place
- Plot of land on Back Maling Street in Ouseburn
- Planning permission to build 18-bed Aparthotel
- Potential to increase planning to 30-bed Aparthotel
- High value and prestigious area
- Close to trendy cafés, bars & live music venues
- 'The Whey Aye' opening nearby in Spring 2024
- Unique opportunity with great potential
- Potential annual income of £551,880 for 18-bed Aparthotel at 70% occupancy
- Potential income of £919,800 if increased to 30-bed Aparthotel at 70% occupancy
About this property
Hive Estates welcomes to the market this fantastic development site with planning permission for an 18-bed Aparthotel and the potential to be increased to 30-bed. Situated in the increasingly popular area of Ouseburn, with trendy bars, cafes, artist studios and independent businesses residing in disused mills and warehouses. Ouseburn is becoming increasingly high value and a sought-after place to visit, stay and reside.
With a buzzing music scene and renowned live music venues such as The Tyne Bar and The Cluny just a short walk away, the demand for short-stay accommodation in Ouseburn has never been so prevalent. The 18-bed Aparthotel would yield a potential annual income of £551,880 with 70% occupancy at £120 per night, with the potential to achieve up to £919,800 with 70% occupancy of a 30-bed Aparthotel.
With ‘The Whey Aye’ due to open on the Newcastle side of the Tyne in spring 2024, it is estimated that as many as 400,000 new visitors will be brought in each year. Transforming this area of the Quayside with what will be Europe’s biggest observation wheel will only add in value to the surrounding area and increase demand for a place to stay in the trendiest corner of Newcastle.
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