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Preston Residential Opportunity Hits Market

A prime residential development opportunity, Stoneygate Central in Preston City Centre, has been brought to market by CBRE.

Bound by Grimshaw Street to the east, Manchester Road to the west and Queen Street to the south – Stoneygate Central has planning approval for 469 units over two phases ranging between 6 and 16-storeys. The design incorporates internal amenity space and large roof terraces as well as circa 8,000 sq ft of commercial space. In addition, there is parking provision for 20% of the units which is bolstered by three internal and two external bike stores.

CBRE is offering the opportunity for developers to acquire the full scheme, or in separate phases, 185 units and 284 units respectively.

The two acre site occupies a prominent position within the Stoneygate masterplan area, a 15-year regeneration framework which will deliver 1,600 homes amongst a flourishing urban village.

Preston has emerged as one of the North West’s development hotspots and has enjoyed a remarkable story of growth over recent years. Testament to this, PwC awarded Preston the No.1 city to live and work in the North West in 2022.

Will Atherton, in CBRE’s UK Development & Residential team, said: “Stoneygate Central presents an exceptional opportunity for a developer to bring forward a landmark scheme in Preston City Centre. The scheme has been thoughtfully designed to accommodate modern lifestyle requirements, tailored to the needs of the locality.”

Giovanni Pilla, in CBRE’s Residential Capital Markets team, said: ‘’Now is a great time to invest in residential development within Preston City Centre. The residential market in Preston is constantly evolving with strong investor appetite for the city and we are delighted to launch this rare development opportunity within the heart of the Stoneygate masterplan.’’

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