The Heaton Group’s conversion of an office block on Ormskirk Road into 130 apartments is due to complete before June 2021, the developer said as it released further images of Studio KMA’s designs for the project.
Work began on site at the end of last month by HG Developments, the construction division of Heaton Group, a family-run developer based in Wigan with a £50m portfolio. The Preston scheme will sit on the site of former Government office buildings, Red Rose and Elizabeth houses, which have been vacant since August 2019.
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A mix of one-, two-, and three-bedroom apartments will be available, some with private terraces. Prices are expected to start from £110,000. There will also be two roof gardens, on the eighth and eleventh floors. A deli, florist, and barber shop are planned for the ground floor.
Chris Holland, director of the Heaton Group, said: “The building is in a prime spot for modernisation, especially with some of the other civic development schemes that are underway in the area.
“The exterior will be clad in distinctive contemporary black and gold aluminium panels, transforming the building into a recognisable landmark mixed-use development for the city centre.
“The communal spaces have been designed by the Studio KMA interior design team. These areas will also act as a central point for The Common, a shared working space, and commercial units on the ground floor.
“Flats and apartment prices have grown by almost 75% in the last year in Preston, with the average price going up by more than £50,000. Preston property yields are over 8%, which is considerably higher than the 5%-6% average in the UK.”
Andy Titterton, director of Studio KMA, said: “We’re happy to be working with such a forward-thinking developer that considers the significant carbon savings of refurbishment projects compared to new-build construction. This is one refurbishment project, we believe, that will surpass the aesthetic and functional specifications of any new-build project in the area.”
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