Property investor seals deals for two prime Preston city centre sites
A Cheshire-based family-owned European property investment group has acquired two development sites in Preston in deals worth a total of £8m.
Belgravia has acquired the 469 apartment Stoneygate Central scheme for £6.3m, and the Lofthaus development for £1.7m.
The Stoneygate Living site is a two acre plot, formerly known as Dryden Mill. The acquisition was through CBRE.
The scheme is part of the council’s 15-year Stoneygate Masterplan and aims to deliver 1,600 new homes. It has planning permission to deliver 469 apartments.
Once delivered, this £120m scheme will mark the entrance to a vibrant and impactful Urban Village and hopes to create a dynamic lifestyle destination, through high quality private and communal spaces.
CGI of Stoneygate plans
The project also has an impressive 8,000 sq ft of commercial space across three ground floor units, and is already attracting competition from potential occupiers.
Lofthaus is Preston’s tallest residential skyscraper and Belgravia has acquired the £45m city centre site from A.S.S.H Investments.
The initial £1.7m investment located on the corner of Patten Street and Great Shaw Street signals Belgravia’s intent to invest in key strategic sites across the city, it said, bringing its GDV in the city to £165m.
A stone’s throw away from the eagerly anticipated Market Quarter regeneration and University Gateway, the Lofthaus co-living model is set to deliver a modern community set within Preston’s tallest residential high-rise.
It has benefited from recently approved planning permission for 287 apartments spanning across 21 storeys, which will include co-working spaces, a residents’ library, cinema and games room, spa and wellness facilities, communal lounges, laundry facilities, landscaped rooftop garden, and a ‘mega kitchen’ where residents can cook, dine and socialise together.
With construction on both schemes anticipated to start early in 2024, Nantwich-based Belgravia has partnered with Zerum for cost and project management, David Cox Architects for lead design, Orlando Reid for sales and marketing, and Hill Dickinson for legals.
Belgravia spokesperson, Christopher Howell, said the Stoneygate scheme represents a major investment into Preston, and demonstrates its trust in the potential of the city. He added: “As a family, we are determined to support the city into the next stage of its continued growth by delivering fantastic communities, attracting and retaining alumni, and showcasing Preston on the global stage.”
On Lofthaus, he said: “Belgravia are delighted to be championing the co-living model in a forward-thinking city like Preston. We believe this amazing city, that’s built on pioneers of industry, can spearhead the growing demand for luxury co-living communities that showcase what it means to be proud of your community.
“This represents our clear intent to honour the growing needs of the property market. As a family, we are excited to showcase Lofthaus on the global scene.”
