CHARLES HOUSE WINCKLEY SQUARE PRESTON PR1 3JD 1 70 superb new apartments in one of Britain’s fastestregenerating cities
INTRODUCTION
Charles House is a new residential development, the result of an impressive, high-spec office conversion that was completed at the end of 2021. Now, its 70 single- and two-bedroom units are complete and tenant-ready.
Key to the property’s appeal is its city-centre location. It is set on Winckley Square, which lies at the heart of Preston’s professional district, barely a minute’s walk from the main high street. This historic square hosts numerous legal, accountancy and businesses practices, and indeed, before its recent conversion, Charles House was itself home to HM Revenue & Customs.
The Square has long been regarded as one of the city’s most upmarket addresses and its appeal has only been heightened by a recent restoration project. Financed by the Heritage Fund, the £1.2 million scheme delivered significant aesthetic improvements. These have included new seating and planting, pavement lighting, improved drainage and historical details that have been carved into the new paths and seating area.
Charles House therefore stands as a newly transformed building in a beautiful, newly transformed city square. For discerning tenants and home-buyers, residential properties don’t get more desirable than this.
Introduction ......................................... 3 Winckley Square .................................. 4 Preston: a Model of Regeneration .... 6 Preston: Quality of Life ....................... 8 Transport and Connectivity .............. 9 The Property Market 10 The Investment Case: a Summary 11 The Development 12 The Apartments 13 Interior Specifications 14 Floor Plans 16 The Developer .................................... 22 Summary ............................................ 23
CONTENTS
DETAILS 70 newly created units on six floors 55 single-bedroom units + 15 two-bedroom units Modern specifications and beautiful décor An exclusive and exceptionally convenient location Ideal for city workers and commuters Private parking available 2 3
WINCKLEY SQUARE
Winckley Square is a beautifully restored, leafy Georgian Square, originally created at the end of the 18th century as private gardens for some of Preston’s wealthiest homeowners.
The restoration, which began in 2016, has created a stunning new layout that emphasises the Square’s rich history. The names of notable residents are engraved into pavement markers: former mayors, educators, lawyers and entrepreneurs, as well as remarkable figures such as the celebrated suffragette, Edith Rigby.
But heritage aside, the Square is a wonderful focal point and a popular lunchtime picnic-spot for those who live and work nearby. It is also the most convenient of city addresses, putting residents within easy walking distance of shops and malls, banks, restaurants, the central Post Office and Preston’s historic railway station.
These amenities are all situated to the north, east and west of Winckley Square, but immediately to the south lie Avenham and Miller Parks, two of the city’s most beautiful green spaces.
Harris Museum, Art Gallery & Library 475m Preston Railway Station ............................................. 500m Preston City Council – Town Hall 550m Sessions House (courthouse) 575m
County Council – County Hall ............ 600m Preston Bus Station 725m University of Central Lancashire .............................. 850m Preston Combined Courts Centre ............................. 875m CITY CENTRE CONVENIENCE Restaurants (various) Under 100m Nearest banks ................................................................ 150m Nearest supermarket 190m St George’s Shopping Centre .................................... 210m Avenham Park ............................................................... 275m Post Office 375m Fishergate Shopping Centre ..................................... 400m Miller Park ..................................................................... 450m 4 5
Lancashire
PRESTON: A MODEL OF REGENERATION
In recent years, the Lancastrian city of Preston has featured highly in numerous ‘quality of life’ indices. In 2021, it ranked in the UK top 20 in PwC’s Good Growth for Cities index and, in March 2022, it came 13th overall on a raft of measures, scoring especially highly on work/ life balance, housing, transport and safety. For the third time in as many years, it earned the title of “the best place to live in the North West.”
That reputation for quality of life owes much to city- and county-level regeneration schemes. Countless millions have been spent in and around the city centre in recent years, with particularly high-profile projects, including:
The Harris Quarter regeneration programme (£200m)
— The modernisation of the Market Quarter (£50m):
— A new cinema and leisure complex (£40m)
The new University of Central Lancashire precinct and student hub (£60m)
City centre public realm improvements (£40m)
The redevelopment of the city’s iconic bus station (£20m)
Much of this work has been funded via the Lancashire City Deal (£434m), the Transforming Cities Fund and the Towns Fund investment programme – the last of which the City Council expects “will unlock £85m in additional GVA.”
Further regeneration schemes are also in progress, including the £300m Stoneygate Quarter and, most recently, the multimillion-pound Preston Station Quarter, which was formally endorsed by the City Council on 18th August 2022. It includes plans for new retail and leisure developments and new grade A office space.
Preston’s economic renaissance has been so remarkable in recent years that economic planners throughout the UK have visited to learn how it has been so successfully achieved. “The Preston Model” has become a byword for efficient planning and cost-effective investment.
Huge regeneration projects in progress
Thousands of new jobs expected
Home to a large and well-reputed university and a large student body
Home to many other large public- and private sector employers
“I am delighted that Preston has once again maintained its position as the best city to live and work in the North West. I am particularly pleased to see above average improvements in income inequality, jobs, environment, work life balance and housing affordability… Our city has enjoyed a remarkable story of growth and innovation over recent years.”
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COUNCILLOR MATTHEW BROWN, LEADER OF PRESTON CITY COUNCIL
PRESTON: QUALITY OF LIFE
A thriving economy is one thing, but Preston also benefits from being part of a wider county that affords numerous other benefits for residents. Some of those are economic – like the city’s proximity to the new £5 billion National Cyber Force at Samlesbury, or the presence of major employers such as BAE Systems, and the headquarters of both the City Council and County Council.
Other benefits, however, are more about lifestyle, family and recreation. For example, the city boasts an array of very wellregarded private and state schools, several popular colleges, and the University of Central Lancashire (UCLan) which supports around 32,000 students and 6,000 staff.
Preston also makes an excellent base for which to explore both town and country. The bustling urban centres of Liverpool and Manchester are both within an hour’s travel, as are the popular coastal resorts of Blackpool, Morecambe and Lytham St Annes. Moreover, country-lovers will appreciate the easy access to beautiful open spaces such as the Bowland Fells, The Lake District and the Yorkshire Dales.
HS2.ORGTRANSPORT AND CONNECTIVITY
Preston not only has this wealth of urban and rural attractions on its doorstep; it also has the transport infrastructure to make them easily accessible. For example, it is well connected to the motorway network. In fact, in 1958, it witnessed the opening of “the Preston Bypass” – Britain’s first motorway – now known by its rather less evocative name: the M6. This now runs to both the north and south, of course, while other, later motorways including the M55 and the M65 afford
easy access to the Fylde Coast and East Lancashire respectively.
By rail, too, commuters have an easy time of it. Preston has always been a key stop on the West Coast Mainline, lying roughly halfway between London and Glasgow. As such, it hosts Lancashire’s busiest station, and services run here to all major destinations. With the advent of HS2, it is expected that the journey to London will take just 78 minutes – almost an hour less than at present.
PEAK DISTRICT NATIONAL PARK NORTH WALES FOREST OF BOWLAND (AONB) 11 km | 7 miles SILVERDALE & ARNSIDE (AONB) 44 km 27 miles LAKE DISTRICT NATIONAL PARK 60 km 37 miles YORKSHIRE DALES NATIONAL PARK LANCASTER MORECAMBE BLACKPOOL LYTHAM ST ANNES BLACKBURN BOLTON CHORLEY WIGAN ST HELENS 24 km 15 miles 43 km | 27 miles 24 km 14 miles 32 km | 20 miles 35 km 22 miles 45 km | 28 miles 22 km | 14 miles WARRINGTON RUNCORN STOCKPORT OLDHAM BURNLEY BARROW-IN-FURNESS KENDAL CHESTER CREWE SOUTHPORT LIVERPOOL MANCHESTER PRESTON
“The integrated highspeed station at Preston will be at the heart of one of Britain’s most networked cities… HS2 could mean 75,000 extra visitors a year, adding £3.3m to the city’s economy annually.”
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THE PROPERTY MARKET
Over the last decade, Preston has established itself as a hotspot for property investment, regularly producing UK top-10 results in terms of capital appreciation and yield.
According to the most recent ONS HPSSA Dataset (38), average values in the City Centre ward rose by over +10% during the course of 2021. More recent reports show even faster growth. In July 2022, for example, the Land Registry published data revealing that average values in Preston had risen by +14.1% year-on-year.
Another key attraction of property here is its comparative affordability. In August 2022, Zoopla reported that “the average sold price for a property in Preston in the last 12 months was £207,359.” According to
the company’s house price index, which was published at about the same time, the UK national average stood at a considerably higher £256,600.
As in many other cities, capital appreciation is being driven by an excess of demand. Preston’s growing economy is creating more job opportunities and those, in turn, are tending to attract more new workers to the city. This, together with natural growth in the domestic population, is helping to buoy up demand on the part of both tenants and prospective buyers.
Comparing the results of the 2011 and 2021 Censuses, it’s clear that the local population – and its density – have been growing steadily.
THE INVESTMENT CASE: A SUMMARY
POPULATION POPULATION DENSITY 2011
For property investors, Preston is clearly attractive. Properties here are very affordably-priced by national standards, so good yields are correspondingly easy to achieve. Furthermore, there are excellent reasons to believe that rental demand will only intensify in the coming years.
As a nationally-renowned example of successful regeneration, the city is spawning new jobs quickly and reaping all the benefits of a fastgrowing economy. These changes, together with an increasing focus on developing higher-value jobs, are
helping to drive up average earnings and attracting newcomers to the city. A rising population means more demand for homes, and the city centre will be an obvious target for newly arriving professionals who want to live close to major employers and urban amenities. This strengthening demand, in turn, should help to sustain higher rental and capital values.
All these factors, plus the many regeneration projects now in progress, are helping to make central Preston one of the UK’s stand-out investment opportunities.
Low acquisition costs
Strong demand for modern rental properties
Limited stocks of good centrallylocated apartments
Potential for very strong yields
Potential for robust capital growth
: 140,202 2011 : 985/KM2 2021 : 147,900 2021 : 1,039/KM2
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THE DEVELOPMENT
Built on six floors, Charles House is a former office building that has been converted into 70 modern apartments. These comprise:
55 one-bedroom units
15 two-bedroom units
The properties are now complete and tenant-ready.
THE REMODELLING WORK
The conversion work was undertaken by the developer, Empire, which has an excellent record of delivering similar works UK-wide. The apartments are built to the latest standards for quality, safety and energy efficiency.
The units are supported by a 10-year warranty.
THE APARTMENTS
The apartments have been designed with modern professionals in mind. The interior spaces are light and uncluttered, featuring neutral colour schemes that make the most of natural daylight.
Fittings and appliances in the kitchens and bathrooms are modern, sleek and energy efficient,
as is the modern lighting. All this, plus excellent insulation and modern glazing systems, helps to keep energy costs to a minimum.
Property sizes range between 35 and 66 square metres. Layouts vary by storey and according to the number of bedrooms.
Secure Well-equipped
Light and airy
Energy efficient and cheap to run
A choice of layouts available
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INTERIOR SPECIFICATIONS
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GROUND FLOOR FIRST FLOOR
One-bedroom unit .................44 m2
One-bedroom unit .................36 m2
One-bedroom unit 35 m2
One-bedroom unit ................. 35 m2
One-bedroom unit ................. 37 m2
One-bedroom unit 35 m2
One-bedroom unit ................. 39 m2
One-bedroom unit .................36 m2
One-bedroom unit 35 m2
One-bedroom unit .................38 m2
Two-bedroom unit ................. 47 m2
Two-bedroom unit 48 m2
NOTES
Feasibility study subject to a full site investigation.
Layout/numbers subject to understanding plant requirements and the location of the existing plant room.
Fire strategy to be agreed at a later date. Generally corridors ventilated via smoke shafts.
Bin and bike store to be located within the site boundary, possibly located within the undercroft car park.
Where a cupboard is not present within the flat layout, this will be integrated within the kitchen design.
Drawings produced are based on an approximate scale.
One-bedroom unit ................. 35 m2
One-bedroom unit ................. 35 m2
One-bedroom unit 35 m2
One-bedroom unit ................. 37 m2
One-bedroom unit ................. 35 m2
One-bedroom unit 39 m2
One-bedroom unit .................36 m2
One-bedroom unit ................. 35 m2
One-bedroom unit 38 m2
One-bedroom unit ................. 42 m2
Two-bedroom unit ................. 47 m2
Two-bedroom unit 48 m2
Two-bedroom unit ................ 66 m2
NOTES
Feasibility study subject to a full site investigation.
Layout/numbers subject to understanding plant requirements and the location of the existing plant room.
Fire strategy to be agreed at a later date. Generally corridors ventilated via smoke shafts.
Bin and bike store to be located within the site boundary, possibly located within the undercroft car park.
Where a cupboard is not present within the flat layout, this will be integrated within the kitchen design.
Drawings produced are based on an approximate scale.
FLOOR PLANS 44 16 m² 1 Bed 36 41 m² 1 Bed 35 25 m² 1 Bed 35 12 m² 1 Bed 36 58 m² 1 Bed 34 85 m² 1 Bed 38 62 m² 1 Bed 48 16 m² 2 Bed 47 45 m² 2 Bed 36 33 m² 1 Bed 35 42 m² 1 Bed 38 18 m² 1 Bed 34 95 m² 1 Bed 35 25 m² 1 Bed 35 12 m² 1 Bed 36 58 m² 1 Bed 34 85 m² 1 Bed 39 22 m² 1 Bed 48 16 m² 2 Bed 47 45 m² 2 Bed 36 33 m² 1 Bed 35 42 m² 1 Bed 38 18 m² 1 Bed 42 11 m² 1 Bed 65 58 m² 2 Bed
MAIN ENTRANCE CAR PARK ENTRANCE
WINCKLEY SQUARE WINCKLEY SQUARE 16 17
SECOND FLOOR THIRD FLOOR
One-bedroom unit 35 m2
One-bedroom unit ................. 35 m2
One-bedroom unit 37 m2
One-bedroom unit ................. 35 m2
One-bedroom unit ................. 39 m2
One-bedroom unit 36 m2
One-bedroom unit 35 m2
One-bedroom unit ................. 35 m2
One-bedroom unit 38 m2
One-bedroom unit ................. 42 m2
Two-bedroom unit ................. 47 m2
Two-bedroom unit 48 m2
Two-bedroom unit ................ 66 m2
NOTES
Feasibility study subject to a full site investigation.
Layout/numbers subject to understanding plant requirements and the location of the existing plant room.
Fire strategy to be agreed at a later date. Generally corridors ventilated via smoke shafts.
Bin and bike store to be located within the site boundary, possibly located within the undercroft car park.
Where a cupboard is not present within the flat layout, this will be integrated within the kitchen design.
Drawings produced are based on an approximate scale.
One-bedroom unit ................. 35 m2
One-bedroom unit ................. 35 m2
One-bedroom unit 35 m2
One-bedroom unit ................. 37 m2
One-bedroom unit ................. 35 m2
One-bedroom unit 39 m2
One-bedroom unit .................36 m2
One-bedroom unit ................. 35 m2
One-bedroom unit 38 m2
One-bedroom unit ................. 42 m2
Two-bedroom unit ................. 47 m2
Two-bedroom unit 48 m2
Two-bedroom unit ................ 66 m2
NOTES
Feasibility study subject to a full site investigation.
Layout/numbers subject to understanding plant requirements and the location of the existing plant room.
Fire strategy to be agreed at a later date. Generally corridors ventilated via smoke shafts.
Bin and bike store to be located within the site boundary, possibly located within the undercroft car park.
Where a cupboard is not present within the flat layout, this will be integrated within the kitchen design.
Drawings produced are based on an approximate scale.
34 95 m² 1 Bed 35 25 m² 1 Bed 35 12 m² 1 Bed 36 58 m² 1 Bed 34 85 m² 1 Bed 39 22 m² 1 Bed 48 16 m² 2 Bed 47 45 m² 2 Bed 36 33 m² 1 Bed 35 42 m² 1 Bed 38 18 m² 1 Bed 42 11 m² 1 Bed 65 58 m² 2 Bed 34 95 m² 1 Bed 35 25 m² 1 Bed 35 12 m² 1 Bed 36 58 m² 1 Bed 34 85 m² 1 Bed 39 22 m² 1 Bed 48 16 m² 2 Bed 47 45 m² 2 Bed 36 33 m² 1 Bed 35 42 m² 1 Bed 38 18 m² 1 Bed 42 11 m² 1 Bed 65 58 m² 2 Bed MAIN ENTRANCE WINCKLEY SQUARE WINCKLEY SQUARE 18 19
One-bedroom unit ................. 35 m2
One-bedroom unit ................. 35 m2
One-bedroom unit 37 m2
One-bedroom unit ................. 35 m2
One-bedroom unit ................. 39 m2
One-bedroom unit 36 m2
One-bedroom unit ................. 35 m2
One-bedroom unit ................. 35 m2
One-bedroom unit 38 m2
One-bedroom unit ................. 42 m2
Two-bedroom unit ............... 47 m2
Two-bedroom unit 48 m2
Two-bedroom unit ................ 66 m2
FIFTH FLOOR
One-bedroom unit ................ 45 m2
One-bedroom unit .................38 m2
One-bedroom unit 40 m2
One-bedroom unit ................ 36 m2
One-bedroom unit ................ 48 m2
Two-bedroom unit 56 m2
NOTES
Feasibility study subject to a full site investigation.
Layout/numbers subject to understanding plant requirements and the location of the existing plant room.
Fire strategy to be agreed at a later date. Generally corridors ventilated via smoke shafts.
Bin and bike store to be located within the site boundary, possibly located within the undercroft car park.
Where a cupboard is not present within the flat layout, this will be integrated within the kitchen design.
Drawings produced are based on an approximate scale.
NOTES
Feasibility study subject to a full site investigation.
Layout/numbers subject to understanding plant requirements and the location of the existing plant room.
Fire strategy to be agreed at a later date. Generally corridors ventilated via smoke shafts.
Bin and bike store to be located within the site boundary, possibly located within the undercroft car park.
Where a cupboard is not present within the flat layout, this will be integrated within the kitchen design.
Drawings produced are based on an approximate scale.
FOURTH FLOOR
34 95 m² 1 Bed 35 25 m² 1 Bed 35 12 m² 1 Bed 36 58 m² 1 Bed 34 85 m² 1 Bed 39 20 m² 1 Bed 48 16 m² 2 Bed 47 45 m² 2 Bed 36 33 m² 1 Bed 35 42 m² 1 Bed 38 18 m² 1 Bed 42 11 m² 1 Bed 65 58 m² 2 Bed MAIN ENTRANCE WINCKLEY SQUARE WINCKLEY SQUARE 45 32 m² 1 Bed 37 90 m² 1 Bed 39 63 m² 1 Bed 56 33 m² 2 Bed 36 42 m² 1 Bed 48 18 m² 1 Bed 20 21
SUMMARY
WHY PRESTON?
Massive inward investment
Hundreds of millions being spent on major redevelopment projects
Fast-rising employment
A growing population
Exceptionally strong rental demand
A great record of capital growth
The properties are now complete and tenant-ready. Charles House offers a choice of attractive, modern apartments in a city centre where average values are comparatively low but rising quickly. For those investors seeking excellent yields and a proven record of strong demand and rapid capital appreciation, this is an exceptional opportunity.
WHY CHARLES HOUSE?
Competitively priced for market launch
Stylish new units in a unique central location
Excellent capital growth potential
Complete and tenant-ready
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