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Property News September 13, 2021
     

Historic converted flannel mill for sale with 11 luxury apartments

The first flannel mill along the River Severn in Mid Wales, with its history dating over 800 years and the last to close in the area, has been put up for sale.

The Old Town Mill in Llanidloes, Powys, was converted into 11 luxury apartments in 2002 having been used as a gym and boys club for over 50 years since its closure as a mill in 1937 – the last flannel mill to close in the area.

It now incorporates eleven one, two-and three-bedroom apartments providing an annual rental income of £57,420. The property is on the market with a guide price of £975,000.

A good investment opportunity in a bustling market town

Andrew Turner, a Partner at estate agents Morris, Marshall and Poole with Norman Lloyd, said the property provides a good commercial investment opportunity in the bustling market town.

“For a large part of its time operating as a mill it was owned by the Berthlwyd family who were heavily involved in local business and community affairs,” said Andrew.

“It was originally constructed to grind corn before it was used as a flannel mill. The flannel industry played a significant part in the history and economy of the Montgomeryshire area, with the Severn Valley from Llanidloes to Newtown home to many mills and tanneries along the river.

Llanidloes is famous for the Chartist Riots that began in April 1839. Weavers in the flannel industry were being put out of work by mechanical technology in the mills. The riots lasted five days and centred on the Trewythen Arms Hotel where two chartists had been held by police.

Andrew added: “The mill’s 12ft diameter water wheel was a well-known landmark. It was fed by a mill race that held back the waters of Britain's longest river – the River Severn.

Offers a yield of six per cent

“Now fully and sensitively restored in 2002, this fine stone building with a grey slated roof has been converted into a range of luxury apartments with a high standard of fittings and finishes. Its town centre location, with easy access to shops and local amenities, as well as its position within the heart of a major tourist area makes the Town Mill ideal as home, or as an investment, particularly as it provides a yield of six per cent.”

Apartments range from 480sq ft to 1,050sq ft in floorspace and have spacious open plan sitting and dining areas. All apartments overlook the River Severn, and some have French doors that lead out to balconies.

Accommodation provides from one to three bedrooms with luxuriously tiled bathrooms, fitted with Twyford's sanitary ware.

The high-quality kitchens boast a range of appliances including cookers, hobs, extractor units and refrigerators together with provision for dishwashers, washing machines and deep freezers.

Full gas central heating and double-glazed windows in every apartment provide for the highest levels of comfort and the video entry system to the front doors enables residents to identify callers before admitting them.

For more information, visit www.morrismarshall.co.uk, email llanidloes@morrismarshall.co.uk or telephone 01686 412567.

 

 

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Historic converted flannel mill for sale with 11 luxury apartments

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