Work has started on a £3.5m project to convert a Victorian warehouse on Guildhall Street in Preston into loft apartments.
The Union Lofts by Etc Urban Developments will see the building, which dates back to the 1890s and has stood empty since the 1990s, restored in order to house 18 duplex apartments.
Designed by Chase Architecture, with construction work being carried out by Manchester-based Workspace Design & Build, the apartments will retain many of the original warehouse features. Work is scheduled to complete in December 2018, with a show apartment due to be unveiled in October.
The new homes are being marketed by Cushman & Wakefield’s new homes team.
Julian Cotton, Manchester head of the team and associate director, said: “The Union Lofts will unquestionably become a landmark residential opportunity, reflecting the recent transformation of the historic town centre and setting a benchmark for future development within what is fast becoming an increasingly desirable destination in which to live and work.
“Buyers at The Union Lofts will have the chance to invest in a city that is bucking the national trend, with year on year house price growth at 4.3% in 2017, compared to a fall of 3.1% nationally.
“When added to significant public-sector investment into the local area and civic realm, The Union Lofts represents a really exciting opportunity.”
The development forms part of Preston’s City Living Strategy for the next decade, developed by Cushman & Wakefield, which aims to create high quality residential schemes across the city centre, and has been supported by the Lancashire Enterprise Partnership’s £20m Growing Places Investment Fund.