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Inside the Market / Big Deals

Property Fire Sale in Lille: Former Post Office, Hotel and Boulangerie on Offer

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Mostly in French real estate news for being the second city in France to institute rent caps, a property fire sale in Lille’s suburbs has caught the eye of some investors. Interesting deals could be had for the adventurous property investor. 

With Eurostar connections to London, Paris and Brussels, Lille is growing and will continue to grow in stature over the next years. Current bargain properties in the city and surrounding areas are likely to prove a smart investment over time – like those recently listed in a property fire sale by the town hall of Roubaix. As the surrounding suburbs of Lille grow at a rapid pace, Roubaix, a 30-minute drive from the centre of Lille, is still a town in its own right until the metropolitan sprawl swallows it wholesale.

The former Post Office building

The old town post office is the current home of the Lille 2 Institute of Technology, which will vacate the property in September 2018. This 5,169 m2 building is up for sale for 2 million euros. Rumours recently circulated that a hotel was mulling its acquisition, but nothing came of it.

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The former post office building in Roubaix, currently for sale for 2 million euros. image © mcetv.fr

Its plus points are its period architecture and transportation links. But the building lacks dedicated parking, and local regulations will thus prevent it from becoming a residential building. Several local election candidates are proposing a loosening of these sorts of property laws, so such an opportunity should not be entirely ruled out.

The former home of the Saint-Benoit College

For just over a million euros, 2260 m2 of space – 630 m2 of which is habitable – could be yours. Originally built as a hotel by the powerful Lefebvre-Ducatteau industrial family, it most recently served as a boarding school. Lying empty since 2010, the town wants to offload it before time takes its toll and maintenance costs start to stack up. Multiple developers have shown interest but nothing has come of negotiations so far.

Other enticing deals

Several other properties have been put up for sale, all going for significantly less than €1000/m2.

  • A 240 m2 house for €120,000
  • A 150 m2 house for €100,000
  • A 200 m2 house and former boulangerie, for only €50,000
  • Another former college building, measuring 311 m2 and on sale for €215,000

 

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