Contemporary living in the heart of the city
PRESTON THE PERFECT INVESTMENT OPPORTUNITY Since being granted city status in 2002, Preston has been on the up and up. This exciting city has played an important part in trade since the Industrial Revolution, recently undergoing a huge transformation that has led to it being the third largest city in the North West. Significant funding from both private and public sector organisations has taken the infrastructure to an entirely new level, with a predicted growth of over £1billion in the next ten years. A record number (5,165) of registered enterprises in Lancashire are based in Preston, and investors now flock to the city to seek out the myriad of opportunities available to them. Preston represents an excellent opportunity for both seasoned entrepreneurs and first time investors alike. Rent prices are continuing to rise at almost double the national average, with excellent transport links making it a great choice for commuters. Preston is an area that’s brimming with economic, social and cultural potential, and the City Council’s development programme has created thousands of homes and jobs. Industry experts Savills predict the North West to be the number one highest capital growth region in the UK, with prices rising by 24% over the next five years. Investors should invest soon to make the most of this predicted growth while price points are still low. Of course, capital growth is only one side of the investor’s coin. Rental yields in the centre of Preston are well above the UK average, in excess of 7%. According to Zoopla, average property price in Preston for the last 12 month is £205,311 which is increase of 8.4%. This should be one of the main reason why you should invest in Preston property.
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Why Preston? Preston is fast gaining recognition as a centre for culture and excellence. The city’s large-scale redevelopment has resulted in the building of 17,420 new homes, the creation of 20,000+ new jobs and the development of four new roads. In the last year alone rents in Preston rose by 4% - almost double the national average - and the city’s commuter footprint continues to accelerate year on year. Preston has thriving aerospace, mechanical and engineering industries along with a strong retail presence and busy high street with a rapidly growing number of independent shops and small businesses. The population is growing fast, meaning there’s a high demand for housing, while the commercial district is becoming increasingly popular with the quirky, artistic start ups you’d expect to see in Manchester, Liverpool and London. The Guardian University Guide for 2018 has named the University of Central Lancashire (UCLan) as one of the UK’s most improved universities having leaped 20 places to 67th position out of 121 universities. The Preston-based University is the fifth highest riser nationally and is now ranked joint 5th out of 12 North West universities.
17,420 new homes built
20,000+ new jobs created
£1bn growth over next decade
Last year, rents in Preston rose by 4%, almost double the national average. (Zoopla, 2019
Preston’s commuter footprint grew by almost 70,000 people from 2001 to 2011 and is continuing to accelerate. (Preston Council, 2019)
£2.3bn Commercial Investment
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Preston Situated almost equidistant to Manchester and Liverpool, Preston also boasts fast links to London, Glasgow, Edinburgh and Birmingham. This vibrant city is surrounded by stunning scenery, and both the Lakes and the Peak District are within easy reach. Seven of Preston’s parks have already achieved Green Flag status, with more predicted to follow soon. The redesigned city has a trendy, cosmopolitan image that’s sure to be popular with young creatives, but it’s never lost sight of its roots. There’s a strong sense of culture, identity and community here, making Preston the ideal place to live, work and play.
By plane Manchester Airport (MAN)
1 hr
Liverpool John Lennon Airport (LPL)
1 hr
By car Manchester Liverpool Leeds
53 minutes 1 hr 1 hr 15 minutes
Lake District National Park
46 minutes
Peak District National Park
1 hr 20 minutes
By train
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Manchester
40 minutes
Liverpool
50 minutes
Birmingham
1 hr 35 minutes
Edinburgh
2 hr 25 minutes
London
2 hr 20 minutes
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The HS2 It is predicted that the high-speed rail network HS2 will bring an extra 75,000 visitors a year to Preston and add £3.3m to the city’s economy annually. This is great news for both the city and property investors. The city has strong employment levels, with some of the country’s highest employment rates at around 80% – this is well above the UK average of about 75%. The big employers in Preston include the NHS with leading industry facilities such as teaching hospitals and leadership academies, BAE Military a multinational aerospace company, DAF the large truck brand employs over 1,100 at their site in Preston and EDF Energy. The fact that HS2 is coming to Preston is another major boost for the city in terms of connectivity and jobs. The eagerly-awaited HS2 will have a station stop in Preston, making commuter times to major cities such as Manchester and London dramatically reduced.
With the arrival of HS2 travel times to Preston will be drastically cut:
Birmingham - Preston London - Preston Manchester - Preston
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Timeline
2018 Preston named the most improved city in the UK
2002
2020
Preston granted city status
Onwards – Billions to be invested further improving the city for investment
2016 Preston named the best city in the North West to live and work
2019 Preston named the most improved city in the North West, beating Manchester and Liverpool
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21 Cannon St, Preston, PR1 3NR
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Markets Quarter This award winning development in the heart of the city is packed with trendy eateries and wine bars, a contemporary cinema theatre and much more. The star of the show is a brand new market hall incorporating two Grade 2 Listed Victorian canopies which have been lovingly restored. This bustling development cements Preston’s reputation as the new go-to place for culture and commerce, rooted in community and cultural identity.
Stoneygate The Stoneygate Masterplan is transforming the eastern fringe of the city into a trendy new destination for culture lovers. A new cafe culture is being created, breathing life into run down areas and cultivating an environment that will not only bring footfall to businesses but also become a centre for creativity and innovation. The 25 hectare site already has a rich history, but its regeneration has Preston set to become one of the most highly demanded locations for young, quirky businesses.
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The Building The scheme is located in the heart of the city with a PR1 postcode, enjoying all the cities amenities. Located on Cannon St, the road has recently been upgraded by the city council with the benefit of restricting vehicle movements & providing a pedestrian & occupant friendly atmosphere. Cannon Street offers a vibrant café culture with a number of independent cafes & restaurants. The building is located in the Winkley square conservation area, Preston’s Georgian heritage, an attractive urban atmosphere. The city’s parks located along the River Ribble are just a short walk away. Avenham multi-storey car park is within 400m offering secure 24hr parking.
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The Development A stylish new build residential building offering one and two bedroom contemporary homes. With a total of just 12 apartments the building offers a true community spirit. The interiors feature attractive, well designed layouts, well-proportioned rooms and a Juliet balcony to each living room. High quality finishes are included with well equipped kitchens with integrated appliances and attractive bathrooms. The apartments benefit from low carbon and efficient electric heating and cooking, whole house ventilation providing fresh air to all the rooms together with solar panels to the roof. Phone point to living room and master bedroom, internet supply and satellite TV supply to each apartment. The building facades are comprised of brickwork and render with no combustible cladding, timber or insulation. An NHBC Warranty offers final peace of mind.
No21 Cannon Street The Developer Tricord Developments Ltd We are an experienced team specialising in urban regeneration with residential and mixed use schemes. We are proud to be bringing investment and development into Preston city centre. We were the concept developers for the adjacent residential scheme 24/five Cannon Street. We have an in house project and construction management team with over 35 years experience of design and build and property.
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Contemporary living in the heart of the city