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In 2017, Energinet and TenneT, the Danish and Dutch Transmission System Operators (TSOs), have announced the North Sea Wind Power Hub (NSWPH) project. The project aims at increasing by 36 GW the North Sea offshore wind capacity, with an artificial island collecting all the power produced by wind turbines and several HVDC links transmitting this power to the onshore grids. This project brings together new opportunities and new challenges, both from a technical and economic point of view. In this regard, this paper presents three analyses regarding the design and operation of such an offshore system. First, we perform a techno-economic assessment of different grid configurations for the collection of the power produced by wind farms and its transmission to the hub. In this analysis, two frequencies and two voltage levels for the operation of the offshore grid are investigated. Our findings show that the nominal-frequency high-voltage option is the more suitable, as low-frequency does not bring any advantage and low-voltage would results in higher costs. The second analysis is related to the differences in operating the system with low- or zero-inertia; different dynamic studies are performed for each configuration to identify proper control actions and their stability properties. Comparing the outcomes of the simulations, we observed that voltage and frequency oscillations are better damped in the zero-inertia system; however, the risk of propagating offshore faults in the connected onshore grids is mitigated with the inclusion of the synchronous condensers. Lastly, a comparison of ElectroMagnetic Transient (EMT) and phasor-mode (also known as RMS) models is presented, in order to understand their appropriateness of simulating low- and zero- inertia systems. The results show that phasor approximation modelling can be used, as long as eigen-frequencies in power network are well damped.