Agent appointed for £18m city centre regeneration scheme

COMMERCIAL property expert Lambert Smith Hampton has been appointed agent for the retail zone of Portergate Developments’ £18m regeneration of Friargate in Preston.

It is about to begin marketing the retail units which make up part of the mixed-use project. They will be available to let later this year.

The 6,000sq ft of quality retail space can be split into three units, ranging in size from 750sq ft to 4,000sq ft.

The retail zone sits beneath the 244-bedroom development which will provide boutique hotel-style accommodation aimed at local students and employees of Preston’s high-tech manufacturing sector and new Enterprise Zone.

The first phase of the Friargate development, which is being built by Preston-based construction company The Eric Wright Group, is scheduled for completion later this year.

Gareth Hine, associate director retail at LSH in Manchester, said: “The new development sits in a prime position on one of Preston’s busiest thoroughfares between the University Quarter and the city centre.

“The area is beginning to be transformed at Portergate’s development is playing a key role in the regeneration of this historic part of the city.

“The University of Central Lancashire has committed an investment of £200 million towards the development of the Adelphi Square campus.

“Their vision over the next 10 years is to create a ‘unified, sustainable and welcoming campus which will enhance the experience for all those visiting the university,’ seamlessly integrating with the rest of the City. Friargate is set to really benefit from that project.”
 
Portergate chairman Anthony Jackson said: “Lambert Smith Hampton has a wealth of experience in the retail sector and we look forward working with them to attract quality operators who will really add something to Friargate.

“The fact the units sit underneath what will be a new community for Friargate also make them an attractive proposition to retailers. We look forward to them attracting a lot of interest.”

Portergate’s retail and apartment complex has been designed around open garden areas while being conveniently located in the heart of the city.

Portergate, which already offers hotel-class student accommodation in Salford, has plans to roll its luxury accommodation concept out across the North West of England.

Its plans for the £9m second phase of its Riverside House development in Salford were given the green light by city planners earlier this year.

It will create 45 one, two and three bedroom apartments, along with a convenience store and café on a prime site, next to its successful student accommodation building on the banks of the River Irwell.

Please contact Gareth Hine on 0161 242 8071 for more details about the retail opportunities that exist at Friargate.

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