CB Richard Ellis has been instructed by administrators on the disposal of Cable Street in Lancaster, a 233-bed student accommodation complex, with offers sought in excess of £9.225m.
Cable Street is located in Lancaster city centre and is 100% let for the current student year and 2010/11, and 50% reserved for 2011/12.
Nick Mullins, director of valuation advisory and investment consulting at CBRE North West, commented: "Student accommodation in Lancaster has previously been dominated by the universities, so Cable Street presents a fantastic opportunity for private sector involvement in what is a lucrative market.
"The disposal adds to CB Richard Ellis' strong track record in the student accommodation sector in the North West, advising a number of the region's universities, operators, developers and investors."
Nick Reed, director and joint administrator at PricewaterhouseCoopers LLP, said: "This is a great opportunity to acquire a property with a strong income stream, with the potential for greater returns through effective operational management. The city of Lancaster continues to grow as a student destination, and the Cable Street development provides students with a perfect location to benefit from all that Lancaster can offer."