FOR SALE PRIME REDEVELOPMENT OPPORTUNUTY FOR STUDENT ACCOMODATION / RESIDENTIAL USES Galgate Mill, Chapel Lane, Galgate, Lancaster, LA2 0PR

GALGATEwww.cbre.com MILL, CHAPEL LANE, GALGATE, LANCASTER, LA2 0PR 1 LOCATION SITE AREA The subject property is located in Galgate a suburban village The property occupies a prominent position on Chapel Lane The wider locality is predominately residential dwellings, located to the southern fringe of the University of Lancaster’s in the heart of Galgate. The property can be seen visibly student housing / HMO’s, several retail / convenience stores, campus and 3 miles south of Lancaster city centre. from the M6 and the surrounding conurbations. University of Galgate Marina and two popular pubs; the Plough Inn and Lancaster an old, historic and vibrant city comprises one of Lancaster campus is located 1 mile to the north via Chapel the New Inn. ’s main city’s and is located 5 miles south east Lane or Preston Lancaster Road (via Hazelrigg Lane). This of , 20 miles north of Preston and 50 miles equates to a 15 minute walk from the property together north of Manchester. with regular and frequent bus services from a bus stop fronting Tanhouse and Preston Lancaster Road in Galgate (3 minute walk).

Typical Floor Plan

GALGATE MILL, CHAPEL LANE, GALGATE, LANCASTER, LA2 0PR 2 TENUE PLANNING LANCASTER UNIVERSITIES The site is held Freehold. Planning policy is governed by Lancaster City Council Lancaster benefits from two established universities: planning department. The property benefits from planning University of Lancaster a purpose built red brick university consent to convert the building into a bespoke and high quality set in 300 acres to the southern fringe of Lancaster. The OPPORTUNITY student accommodation scheme comprising 107 student university educates in the region of 13,500 students and studio’s with new central atrium, ground floor reception is currently ranked within the top 10 of all UK universities. ■ A prime re-development opportunity with planning with café / bar restaurant with amenity space including Lancaster was also awarded University of the Year by The consent for 107 boutique studio’s with ground floor bike shelter, residential lounge an gym was approved on Times and Sunday Times Good University Guide (2018). amenity and commercial uses; 10th May 2016. The University is currently undergoing significant expansion The planning reference and listed building applications Period Grade II listed former mill building with a range with a new £120m science park and a £30m business ■ can be viewed under: of striking and traditional features; school amongst other significant developments with plans APP/A2335/W/15/3011224 and to grow their student numbers by a further 4,000. ■ Opportunity to acquire a prominent development and conversion opportunity within Galgate, in very close APP/A2335/Y/15/3128839. In addition, the University of has a campus in proximity to the University of Lancaster; Lancaster on Bowerham Road, circa 3 miles to the north which specializes in healthcare, nursing, teacher training ■ Established student residential location in close and business. proximity to the main university campus; ESTIMATED RENTAL VALUE In summary there are circa 15,500 university students in On completion the proposed accommodation should Deemed shortage of purpose built student Lancaster and to date the private sector has only delivered ■ generate an income stream of circa £900,000 pa (excluding accommodation beds on campus or within Lancaster. 525 of the 7,500 student beds in managed developments commercial income). (the remaining university accommodation directed towards first year students). There are no bespoke studio-led developments to cater specifically for the international DESCRIPTION SITE / PROPERTY and post-graduate student demographic in the City. The property is situated fronting Chapel Lane in the centre 18% of the student population within Lancaster are post of Galgate. The Galgate Mill forms a wider business centre INVESTIGATIONS graduates and over 26% are international students together with Silk Mill Café. Site access is directly off Chapel A full scheme pack is available which outlines a full set of providing the City with a unique and affluent demographic. Lane with the property benefiting from private car parking. floor plans, layouts and room size specification. The Grade II listed former silk spinning mill was constructed The vendors have undertaken detailed site surveys and in 1851 and comprises one of ’s’ oldest surviving Silk therefore are able to provide the following details to Mills. Until recently the mill was trading as a bathroom and interested parties: tile showroom. The five storey building is of brick construction ■ Structural survey with solid timber beamed floors, cast iron pillars under a multi pitched aisle slate roof. ■ Full set of floor plans (GF and 4 upper floors) The mill provides a range of distinctive features including ■ Asbestos survey corner pilasters, cast rainwater goods, feature glazed timber Design & Access Statement windows with stone setts surrounds and a brick chimney. Floor ■ plates to each floor are open plan, serviced by a central stair ■ Contamination survey core and lift and provides circa 45,000 sq ft of net internal ■ Bat Survey floor space (circa 9,000 sq ft per floor). Heritage Survey The main entrance is directly facing Chapel Lane and ■ comprises a feature timber door with stone surrounds. ■ Construction tender pricing.

GALGATE MILL, CHAPEL LANE, GALGATE, LANCASTER, LA2 0PR 3 PROPOSAL Offers in excess of £2,600,000 are invited for the Freehold interest of the site with the benefit of the current student accommodation planning consent. In submitting a bid to purchase the property, the following information is required: ■ Purchasing entity; ■ Purchase price; ■ Offer conditions; ■ Confirmation of funding; ■ Proposed timetable for completing the purchase.

CONTACTS For further information on the site and to receive a full marketing park please contact:

Nick Huddleston MRICS Shaun Skidmore MRICS 0161 233 5672 0161 233 5650 [email protected] shaun.skidmore @cbre.com

CBRE Limited Belvedere, 5th Floor 12 Booth Street Manchester M2 4AW

SUBJECT TO CONTRACT Disclaimer: CBRE Limited, January 2018 Important notice relating to the Misrepresentation Act 1967. CBRE act for itself and the vendor as agents for the vendor give notice that: 1. We provide the information contained in these particulars for guidance to intending purchasers, licensees or any other third parties and they are for your general information only and will be used at your own risk. 2. We will use all reasonable endeavours to ensure the accuracy of information, however, we do not guarantee or warrant the accuracy or completeness, factual correctness or reliability of any information in the particulars (especially as the information may have been obtained from third parties) and do not accept any liability for any errors or omission including any inaccuracies or typographical errors. 3. Any interested purchasers, licensees or any third parties should not view the information in the particulars as statements or representations of fact and should satisfy themselves that the facts and specific details in the particulars are correct and accurate especially in relation to floor areas and other measurements through inspection or other means, as appropriate, and will be responsible for taking independent surveys or valuations before entering into any legally binding transaction in respect of the property or premises that is the subject matter of these particulars. 4. We have not made any investigations or otherwise of any issues concerning pollution and potential land, building, air or water contamination. Prospective purchasers, licensees or any third parties must undertake their own enquiries and satisfy themselves in this regard. 5. Unless otherwise stated, all prices and rents are quoted exclusive of VAT.

GALGATE MILL, CHAPEL LANE, GALGATE, LANCASTER, LA2 0PR 4