Two Preston office buildings, with combined guide price of £2m, sold by Wain Estates
Birchwood-based Wain Estates has sold two prominent office buildings in Preston city centre, marking a strategic move for the business and unlocking new potential for the city’s continued development.
The properties – Norwest Court and Guildhall House – were marketed together with a combined guide price in excess of £2m.
Both buildings offer significant redevelopment opportunities in a city experiencing strong demand for urban living and commercial investment.
The larger of the two, Norwest Court, offers 24,229 sq ft over eight floors, while Guildhall House provides 20,423 sq ft over five storeys.
This sale supports Wain Estates’ strategic focus on land promotion across the UK. Paul Wrigglesworth, property director, for Wain Estates, said: “The location of these two buildings on Guildhall Street, close to the main shopping street and Winckley Square, makes them an ideal candidate for high quality redevelopment.
“However, given our current priorities, we are delighted to have secured a buyer that specialises in this type of project.
“While the buildings were available separately, we are pleased that both have been acquired by TSS Property.”
Tauseef Kantharia, chief executive of Preston-based TSS Property, said: “We are pleased to announce the acquisition of two high quality, income-producing office assets in Preston city centre from Wain Estates.
The properties have been exceptionally well managed and maintained under Wain Estates’ long term ownership.
“This strategic acquisition reflects our continued commitment to investing in Preston and enhancing the quality of workspace available in key city locations.
“Plans are already under way to upgrade and reposition the assets, with the goal of delivering best-in-class office environments that meet the evolving needs of modern occupiers along with a possibility of residential redevelopment for one of the buildings.”
Agents Morgan Martin acted for TSS Property. Joint agents PK3 and Robert Pinkus & Co acted for Wain Estates.
Sam Beckett, from PK3, said: “A lively marketing campaign resulted in competitive bidding. We are delighted to have helped Wain Estates dispose of this non-core asset alongside Robert Pinkus & Co. We wish all the best to the new purchaser.”
Wain Estates said it is looking to expand its presence into new geographical areas and is actively seeking sites with planning potential and asset management opportunities.
