Home Finance & Investments Work begins on flagship luxury apartments in Preston City Centre

Work begins on flagship luxury apartments in Preston City Centre

The new Bishopgate Gardens on Ormskirk Road in Preston

Initial work begins this month (Jan 2020) on a new development, set to bring much-needed city centre living space to Preston.

The new Bishopgate Gardens on Ormskirk Road in Preston was formerly the site of two Government office buildings, Red Rose and Elizabeth House, and has been vacant since August 2019.

The Heaton Group, the business behind the redevelopment, has a reputation for sympathetic and high-quality renovations, from dilapidated office blocks to Grade Two listed buildings of historic interest.

Chris Holland, Director at The Heaton Group, explains: “We enjoy bringing buildings back to life and improving the local neighbourhood. By working with existing buildings that are in need of serious renovation, we can contribute to the ongoing investment and improvements in the city centre and at the same time create exceptional apartments in central locations for our customers.”

Due to open in June 2020, the flagship project will comprise 130 luxury apartments, with on-site retail (including a coffee shop and hair salon), a concierge service and seating area for residents, and a shared office space.

A selection of one, two and three bedroom apartments will be available, with options for private terraces and two storey living. Prices are expected to start from £110,000.

Smart technology will be incorporated throughout the building, meaning simpler management, lower costs and smarter rental options as well as remote heating access and fob access to the building.

Chris adds: “We expect the apartments to be popular with both the buy to live market and also with those looking to invest in Preston following the significant investment in the area. We’ve actually put together a detailed guide to investing in Preston which you can download from our website.”

“Preston is one of the most up-and-coming areas of the UK with significant investment being put into the restoration, redevelopment and improvement of the city centre and surrounding areas. The property market in Preston provides high yields and has been growing year on year. In fact, flats and apartments have grown by almost 75% in the last year, with the average price going up by more than £50,000. Preston Property yields are over 8% which is considerably higher than the UK average (5 – 6%).”

Since 2013 there has been a £434 million investment in Preston, to expand and improve the infrastructure for transport, create 20,000 new jobs and more than 17,000 new homes in the area. The local economy is expected to grow by over £1billion in the next 10 years.

In November 2018, Preston was named in PWC’s ‘Good Growth for Cities’ report as ‘the most improved city’ to work and live in. In 2019, Preston ranked as the best city to live in the North West, surpassing both Manchester and Liverpool.

Bishopsgate will be one of the Heaton Groups’ largest developments to date. With four generations of industry expertise and an impressive track record for large projects behind it, the development is on track to become another success story for Preston.

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