Property Highlight: 42 luxury apartments conversion, Rossendale, UK

This week's Property Highlight feature brings you a luxury residential conversion of a former cinema and shopping complex in Lancashire, UK.

This is a unique redevelopment opportunity to acquire a landmark building, known as the Heritage Arcade, in the heart of Rawtenstall town centre, Rossendale. The building is centrally situated on Bacup Road, opposite the recently redeveloped Spinning Point, which included the redevelopment of the old Town Hall and a new £3.5m state-of-the-art bus station transport hub.

Full planning permission has been granted to convert the striking former picture house and shopping centre into a luxury residential scheme comprising 42 two-bed apartments that can all be sold on the open market, with dedicated car parking and landscaped private gardens. Full details of the planning consent, which was granted in January 2021 by Rossendale Borough Council, can be found on their planning portal under reference 2020/0018.

Set in the South Pennine Hills, Rossendale provides commuters with good motorway connections to Manchester, just 20 minutes away, and the nearby town of Bury, which connects onwards to the cities of Bradford and Leeds. The attractive yet strategic location of the town has led to a significant increase in demand from young couples and professionals wanting to benefit from country living but remain within easy access to the region's cities and business destinations - making the redevelopment of Heritage Arcade an ideal opportunity.

The case details

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Financial details

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Agents figures

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Market data

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Investment details

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Development

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