This former silk mill in France’s new, chic ski resort has apartments for less than £100,000

Height of cool;

This former silk mill in France’s new, chic ski resort has apartments for less than £100,000.

By Laura Latham

Briançon? No, I’d never heard of it either, but I’m glad someone let me in on the secret. Surrounded by the Alps, this beautiful town (the highest in Europe) has it all. The centre is a knot of medieval streets, quaint shops and restaurants, and imposing architecture. From the 18th-century fort ramparts there are vistas of snow-capped mountains that may soon become one of the best ski destinations in France.

The valley of [tag-ice]Serre Chevalier[/tag-ice] is dotted with pine forests and meadows, flanked by twisting roads that test the Tour de France riders each summer. In winter it offers 250km of ski runs linking the four villages of Briançon, Chantemerle, Villeneuve and Le Monêtier les Bains. Last winter, while the rest of the Alps sweltered, Serre Chevalier had good levels of natural snow.

The valley is surprisingly underdeveloped – but its potential has been spotted by [tag-tec]Compagnie des Alpes[/tag-tec] (CDA), which is behind resorts such as Val d’Isère. CDA is undertaking the upgrade – new lifts and trails, plus improved facilities, all at a cost of £40m.

That [tag-tec]Briançon[/tag-tec] has remained a secret is a fillip for the few developers who snapped up the best sites before CDA announced its plans. One of these is Space, a local company that is renovating a number of hotels and buildings in the town. Among them is La Schappe, an early-19th century silk mill that had been abandoned for 70 years.

La Schappe is a five-storey property right on the river in the heart of town. The mill itself was once the lifeblood of the community, employing many local people. As production processes became more efficient, however, the mill dropped out of use and was abandoned.

Although it was boarded up and run-down, the Space team realised its potential. "Sites such as La Schappe are extremely rare to find, so it was a wonderful opportunity to rescue a remarkable property," says Ben Norrington.

Space plans to turn the mill into 250 loft-style apartments, keeping the flavour of its industrial heritage while incorporating a four-star hotel with spa, bar and restaurant. Stylish fittings will sit alongside original wrought-iron staircases, wooden floors, beams and brickwork. It’s a huge undertaking but one that will bring the building back to life.

"It would have been easy to knock La Schappe down, but everyone in the town has people in their family who used to work there, so it seemed right to renovate it," says Space’s CEO, Paul Bolton.

Properties are priced from £98,600 for a mezzanine apartment measuring 24sqm, up to £609,000 for a five-bedroom 150sqm property in the roof, with wooden beams and dormer windows. Apartments will have views towards the town, mountains and river.

Properties will be split between outright sales and those sold under the [tag-tec]French leaseback[/tag-tec] system. Bolton says investors who opt for the rental scheme should see returns of around 6 per cent.

A new glass-and-steel extension is planned for one side of the building, which Norrington says will soften the lines of the austere original façade. "We want to contrast yet complement the older property," he says, "so we designed something lighter in style to the heavier industrial structure."

As a result of the interest in [tag-tec]La Schappe[/tag-tec], the local council has taken note and is planning to spruce up other areas of the town. "Briançon was a place the world had passed by," says Bolton. "Now we all share a passion for it."