CBRE appointed to dispose of Lancaster mill
Acting on behalf of UK Mills, the national specialists market team at CBRE in Manchester has been appointed to dispose of the 45,000 sq ft former mill in Galgate, Lancaster for offers in excess of £2.6M.
The building is located to the edge of the University of Lancaster’s campus and benefits from student planning consent for 107 studios with ground floor amenity and commercial uses.
The historic Grade II-listed warehouse, constructed in striking red brick, dates back to 1851 and benefits from an abundance of period industrial features with great views over the surrounding campus and countryside.
The five storey building has been stripped to a virtual shell, ready to be transformed by an imaginative refurbishment.
Lancaster boasts two universities, the University of Lancaster and University of Cumbria, with more than 15,000 students located in the town.
University of Lancaster was voted ‘University of the Year 2018′ by the Times and is currently ranked within the top 10 of all UK universities and is undergoing significant expansion with development of a new science and business school.
Nick Huddleston, associate director within CBRE’s Manchester specialist markets team, said: “We are very excited about bringing this property to the market and will be seeking offers for the building with the benefit of the current planning consent.
“Galgate Mill offers a fantastic and unique development opportunity to create a new high-end boutique studio scheme next to the University.
“With a shortage of purpose-built student accommodation schemes in Lancaster, particularly boutique studios within the city or on campus, this scheme will provide much needed high specification accommodation within Lancaster.”