Why invest in City Living developments?
Now is a great time to invest in City Living developments taking place across Preston City Centre.
With Preston currently undergoing a major transformation of its city centre, now is a great time to invest in residential development opportunities that form part of City Living - a strategy which sets out to build on the existing city centre residential offer and success of City Deal.
Benefits of investing in City Living developments in Preston
The fast pace of housing delivery in Preston reflects the strength of the local housing market and current demand for building in the city.
The following information showcases some of the key benefits for investing in city living developments in Preston City Centre:
Strong leadership
- Preston City Council has led the way in delivering key infrastructure, residential and commercial projects to the city centre and wider Preston. The council have a clear idea of what they want the city to look like and are working in collaboration with the private and public sector to deliver this vision
Strong economy
- Preston is the star performer in the Lancashire economy and boasts a well-educated and skilled population, high levels of employment and a well-paid workforce
- Preston is the home of business in Lancashire, with strong local sectors including Nuclear/ Energy, Advanced Manufacturing and Engineering and Business and Professional Services
Strong housing market
- Preston's housing market is booming with 3.4% average house price growth in the past 12 months, compared to a national average of 1.2%. Rental growth is also strong - growing 7% year on year
- Residential developers and house builders have delivered an average of 737 new homes per annum over the past 3 years, with a net new supply in Preston of 1.2% in 2017/18 compared to the national average of 0.9%
Affordable house prices
- Compared to other major neighbouring cities, such as Manchester, house prices are considerably lower in Preston, which is a major draw for both property investors and first time buyers with lower budgets
- According to Rightmove, house prices in Preston are currently just under £190,000, compared to £212,000 in Manchester City Centre
- Based on Zoopla figures, the average income required to buy a house in the city is just 39% of the income needed to purchase a property throughout the UK
Most liveable city in the North-West
- Preston consistently ranks highest out of all cities in the North-West in the annual PricewaterhouseCoopers Good Growth for Cities Index. In the 2019 edition, the city ranked 11th out of all the UK cities, ahead of Manchester, Liverpool, Birkenhead, Warrington and Wigan
To find out more general reasons for investing in Preston see Why Invest.
Successful City Living development examples
The properties below are examples of some successful city centre residential schemes which have already been delivered:
Winckley Square and Guild Hall Street
In the heart of the city, Winckley Square is an attractive city centre garden. The Square has become the focus of city centre living in Preston with over 200 apartments currently being delivered in the Square and adjacent streets.
For an example of the sorts of residential developments taking place on Winckley Square visit The One Winckley Square - a prestigious residential development, which has transformed one of Winckley Square's oldest buildings into luxury apartments.
Bishopgate Gardens
The number of vacant commercial buildings being converted to apartments is steadily increasing in Preston. One of the biggest refurbishment projects is the delivery of Bishopgate Gardens - a flagship residential development in Red Rose House and Elizabeth House, part of the former Preston Office Centre.
The luxury development comprises 130 high quality apartments and offers 24 hour concierge service, rooftop gardens, co-working space, residents' lounge and on-site café.
The Old Sorting Office
Sitting in a convenient city centre location, the former Grade 2 listed Royal Mail Sorting Office in Preston has been converted into 31 one, two and three bedroom luxury apartments completed with communal rooftop gardens. The Sorting Office is a beautifully arranged building, retaining the character of the original brick build and seamlessly incorporating a state of the art extension and roof terrace.
Each apartment brings to the market luxury living, providing its owners with modern top of the range amenities, private garden balconies or terraces and its own private and secure car parking space.
For more information visit The Heaton Group - The Sorting Office.
Emerging City Living Developments
The Exchange - Pole Street
Nearing completion, The Exchange, on Pole Street, is another luxury apartment living offer from The Heaton Group. It comprises 200 quality 1, 2 and 3 bed apartments in a seven to sixteen storey complex. Residents will benefit from a communal roof garden, residents' lounge, shared working spaces and exclusive gym.
For more information visit The Heaton Group - The Exchange
City Living development opportunities
To find out about the current city centre (including inner suburb) residential development opportunity sites in Preston and how to express an interest see Development opportunities.
Map address for successful City Living development examples
- Winckley Square, Preston, PR1 3JQ
- Bishopgate Gardens, Preston
- The Sorting Office, Preston West Cliff, Preston, PR1 8HU