Central Preston residential site up for grabs
Stoneygate Living is looking to sell a two-acre city centre plot that was once Dryden Mill, having recently secured planning permission for a 469-home development.
The developer, which acquired the site for £2m in 2021 according to Land Registry, has instructed CBRE to market the Manchester Road plot for sale.
Stoneygate Living counts Yousuf Bux and Peter Waring as its directors. Bux is also a director at Preston-based Austringer Capital.
Known as Stoneygate Central, the consented scheme was designed by David Cox Architects and comprises 469 apartments across six blocks ranging from six to 16 storeys.
Of the 469 flats, 261 will have one bedroom, while 204 will have two. The remaining four will have three bedrooms.
The development, approved last month, incorporates internal amenity space and roof terraces, as well as 8,000 sq ft of commercial space.
CBRE is offering the opportunity for developers to acquire the full scheme, or in two separate phases of 185 units and 284 units respectively.
The site falls within the Stoneygate masterplan area, a 15-year regeneration framework that aims to deliver 1,600 homes.
Giovanni Pilla, associate director in CBRE’s residential capital markets team, said that 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,’’ he said.
The Stoneygate Central project team included planner Cassidy + Ashton, drainage consultant PSA Design, energy consultant Zero3, heritage expert C. J. O’Flaherty, and transport expert Cora IHT.
TPM Landscape is the landscape architect for the project. Martin Environmental Services is the noise consultant.