Victoria Dock in Hull has undergone a remarkable transformation from its industrial past to a vibrant, sought-after waterside community. For property investors and landlords looking for single units or strategic, bulk acquisitions, this area of Hull presents a compelling opportunity. It offers a blend of modern living, strong and diverse rental demand, promising future growth, and attractive price points, all underpinned by significant ongoing regeneration.

Property landscape:

Victoria Dock boasts a diverse property portfolio, catering to a range of tenants and investment strategies, making it suitable for a broad spectrum of acquisition profiles:

• Modern apartments: Predominantly found in developments like Chandlers Court and Axholme Court, these units are highly popular with young professionals and couples. They are drawn to their contemporary design and immediate proximity to the city centre.
• General range for 2-bedroom flats: £95,000 - £110,000, although some premium units or new phases could be higher.
• General range for 3-bedroom flats: £105,000 - £120,000, although some premium units or new phases could be higher.
• Terraced and semi-detached houses: Beyond the apartments, Victoria Dock also offers a solid selection of terraced and semi-detached homes, particularly around areas like Navigation Way, Mast Drive, and Sailors Wharf. Ranging from two to four bedrooms, these are well-suited for families or professional shared lets, generally commanding higher rental prices.
• Average semi-detached house prices (2024): Around £164,944.
• General range for 3-bedroom semi-detached: £170,000 - £280,000, depending on size, condition, and specific location within the dock.
• Detached properties: While less numerous, larger detached homes can be found, particularly on roads such as South Bridge Road and Ocean Boulevard. These offer more substantial living spaces and cater to a higher-end segment of the rental market.
• Average detached house prices (2024): Around £274,975, with some recent sales notably exceeding this, for example, £326,000 for a prime property on South Bridge Road.

Overall average property value in Victoria Dock: Approximately £154,415 over the last year. This figure represents a 15% decrease from the previous year and 14% down on the 2021 peak. For hedge funds, this current pricing environment could present a strategic entry point, allowing for potential bulk purchases at a discount to prior market highs, positioning for future capital appreciation as regeneration continues.

Rental demand and tenant profile:

Victoria Dock is a highly desirable area for renters in Hull, underpinned by its attractive waterside setting and unparalleled access to the city's key economic and cultural drivers. This desirability translates into robust rental demand, crucial for high occupancy rates:

• Young professionals: The modern apartments are particularly appealing to those employed in Hull's expanding city centre and emerging business districts.

• Families: The availability of houses and the presence of Victoria Dock Primary School make it an attractive option for families seeking quality schooling and a community feel.

• Workers from abroad: Hull's burgeoning economy, especially in the renewable energy sector, attracts a diverse international workforce, broadening the tenant pool.

• Proximity to major employers: Victoria Dock's strategic location offers excellent connectivity to major businesses and local employers across Hull. This includes direct access to corporate offices within the city centre, the Siemens Gamesa operations at Alexandra Dock (a global leader in offshore wind), the bustling Port of Hull and its associated logistics industries, and large healthcare providers like Hull Royal Infirmary. This diverse employment base ensures consistent tenant demand from various professional demographics.

The rental market in Victoria Dock is active, with properties frequently securing tenants quickly. A mix of furnished and unfurnished options provides flexibility for portfolio management.

Average rental prices in Victoria Dock:

Based on recent listings and wider Hull averages (Victoria Dock is within the HU9 postcode), the rental market demonstrates strong returns:

• 1-bedroom flats: Typically in the range of £625 - £675 pcm.

• 2-bedroom flats: Often command £700 - £850 pcm, depending on furnishing, condition, and views (e.g., waterside).

• 3-bedroom flats: Rare but expected to reach £850-£895 and recommended furnished. 

• 2-bedroom terraced/end-terrace houses: Generally £795 - £875 pcm.

• 3-bedroom semi-detached houses: Can rent for £895 - £950 pcm or more, especially if well-presented and in a prime location.

• 4-bedroom properties: Around £995 - £1200 pcm (for terraced/semi-detached).

Average rental yields: The HU9 postcode, which includes Victoria Dock, shows an average rental yield of 7.6%, with Victoria Dock specifically achieving a greater average yield of 9.2% at market rate.. For institutional investors, the potential for achieving even higher individual yields through targeted property selection and strategic property management, particularly within the apartment blocks, presents a compelling opportunity to enhance overall portfolio performance.

Local amenities and lifestyle:

Victoria Dock offers residents a convenient and enjoyable lifestyle, significantly enhanced by its integration with Hull's revitalised cultural and historical assets:

• Waterfront living: The area's primary appeal is its picturesque waterside setting, with opportunities for serene walks along the Humber Estuary and direct access to the Trans Pennine Trail.

• The Deep: Hull's iconic aquarium is a major attraction and a local landmark, drawing visitors and providing a unique local amenity.

• Community facilities: The Victoria Dock Community Centre actively fosters a strong sense of community through local activities and events.

• Vibrant cultural proximity: Crucially, Victoria Dock's strategic location provides unparalleled access to some of Hull's most dynamic areas:

• Humber Street & Fruit Market: Just a short walk or cycle across Myton Bridge, this area has been utterly transformed into a vibrant cultural quarter. Boasting independent restaurants, bars, galleries, and boutique shops, it’s a huge draw for residents and visitors alike, adding significant lifestyle appeal for potential tenants.

• Trinity Market & Old Town: Immediately adjacent to Humber Street, Hull's historic Old Town and the stunning Trinity Market offer a unique blend of heritage and contemporary living. The market is a foodie haven with diverse stalls, while the cobbled streets of the Old Town are home to traditional pubs, museums, and striking architecture. This proximity means tenants have world-class leisure and cultural options on their doorstep, reinforcing the desirability of the location.

Connectivity and transport links

Victoria Dock benefits from excellent transport links, making it highly accessible for residents, which is a key factor for tenant retention:

• Road network: Easy access to major road networks, including the A63, connects Victoria Dock to the wider region and national motorways.

• Public transport: Regular bus services operate from Victoria Dock, providing quick and efficient connections to Hull city centre. The journey to the city centre by bus can be as short as 1-2 minutes.

• Walking and cycling: The area is pedestrian and cycle-friendly, with popular walking routes along the waterfront and direct pedestrian access to the city centre attractions.

Regeneration and future growth:

Hull, including areas like Victoria Dock, has been a focus for significant regeneration in recent years, particularly since its tenure as UK City of Culture in 2017. This ongoing, substantial public and private investment bodes exceptionally well for property investors looking at long-term capital appreciation:

• Humber Hull Frontage Scheme: This £42 million tidal flood defence scheme has significantly upgraded flood defences along the estuary, including those at Victoria Dock Village, thereby enhancing the long-term security and insurability of properties in the area – a critical consideration for large-scale investment.

• East Bank Urban Village: A major multi-million-pound regeneration project is planned along the River Hull, near Drypool Bridge, which will see up to 850 new homes and commercial spaces. This project is expected to act as a significant catalyst for further urban renewal and increase investor confidence across Hull's waterfront areas.

• Hull City Centre Vision & Housing Growth Plan: Hull City Council has approved ambitious plans to deliver nearly 6,000 new homes by 2031, with over 2,000 specifically targeted for the city centre, including key sites like Albion Square and St Stephen's Place. This commitment to increasing housing stock directly addresses the supply-demand imbalance and indicates a sustained period of development, which will positively impact existing properties in close proximity like Victoria Dock.

• Local Plan 2016-2032: Hull's overarching Local Plan outlines a strategic vision for sustainable development and growth, reinforcing the council's commitment to enhancing the city's economic, social, and environmental wellbeing.

These ongoing and planned developments suggest a very positive outlook for property values and rental demand in Victoria Dock, offering institutional investors a solid basis for future projections.

Information on flood risk

Hull, and particularly its low-lying areas like Victoria Dock, has historically faced significant flood risk due to its location on the Humber Estuary and the River Hull. However, it's crucial for investors to understand that major, comprehensive flood defence schemes have been implemented and completed in recent years, drastically reducing this risk. 

The primary solution addressing the tidal flood risk to Victoria Dock and large parts of Hull is the £42 million Humber Hull Frontages Flood Defence Improvement Scheme. This monumental project was completed in March 2021.

Educational facilities

For families, Victoria Dock is home to:

• Victoria Dock Primary School: A well-regarded primary school that prides itself on its inclusive environment and high expectations for academic achievement, adding to the area's family appeal.

Implications for property investors in Victoria Dock

For property investors considering acquisitions, the comprehensive flood defence measures in Victoria Dock are a crucial de-risking factor:

• Reduced insurance premiums: While location will always be a factor, the significantly improved flood defences should lead to more favourable insurance premiums for buildings within Victoria Dock compared to areas with less protection. It's always advisable for potential buyers to get insurance quotes early in the due diligence process.

• Enhanced long-term property value: The investment in robust flood defences provides greater long-term security and stability for property values in Victoria Dock. It mitigates a major historical vulnerability, making the area a more attractive and sustainable place to live and invest.

The key takeaway:

Victoria Dock represents a robust and strategically sound investment opportunity within the Hull property market. Its attractive waterside location, diverse and appealing property types, strong and resilient rental demand driven by cultural amenities and proximity to major employers, coupled with substantial ongoing and planned regeneration initiatives, makes it a compelling choice for those seeking stable yields, diversified portfolios, and long-term capital appreciation.

The current market conditions, with recent price adjustments, could present a strategic window for bulk acquisitions, allowing institutional investors to establish a significant footprint in a city poised for continued growth. Victoria Dock stands as a testament to Hull's resurgence, offering a tangible opportunity for discerning capital to participate in its promising future.

If you'd like to learn more about this area, or any of the surrounding areas we serve, contact our Lettings Manager, Jake. Email him or give our office a call.