The site of a historic picture house and shopping arcade is on the market for £1.5million.

Heritage Arcade in Rawtenstall, on Bacup Road, is listed for sale on Rightmove and Zoopla after being given the green light to be turned into apartments.

Last year, councillors granted planning permission to Hurstwood Holdings to redevelop the Heritage Arcade in Rawtenstall into 42 two-bedroomed apartments with dedicated car parking and landscaped private gardens.

Now, the property management company is hoping any skilled developers can take on the “landmark site”, which is over 100 years old, and throw themselves into a new project.

Sam Ashworth, project director of Hurstwood Homes, said: “Since launching Tabley Homes, a luxury residential development company last year, we have shifted our business model to focus on building family homes rather than apartments, hence our decision to market this impressive landmark site for sale.

“Heritage Arcade is ideally situated in the centre of thriving Rawtenstall; an area that continues to benefit from significant investment and ongoing regeneration works and will provide much needed apartments for the town.”

The arcade was first built as The Picture House cinema in 1920 before being converted into a shopping arcade in the 1990s, but has been vacant for some time.

The Victorian arcade was used as a filming backdrop for ‘Girls Night Out’, a late 90s Julie Walters and Brenda Blethyn picture.

The building fell victim to a major fire in 1998, causing damage totalling £2million.

According to Rightmove, this is an “outstanding” opportunity to obtain a project that is “ready to go”.

The plans will see the vacant building restored to its former grandeur whilst sensitively retaining many of its unique Art Deco features including the prominent façade.

Housing in Rossendale has become increasingly sought after in recent years with transport links on the doorstep and a great range of local amenities.

With support from Historic England and Rossendale Borough Council, all apartments created can be sold on the open market.

You can view the full commercial property listing on Rightmove or on the Hurstwood Holdings website.