The developer has secured approval to develop 294 flats across four blocks in the city centre, as part of its strategy to deliver 1,500 homes in the UK by 2025.
The scheme, called PR1, spans 60,000 sq ft on Avenham Lane and comprises one- and two-bedroom apartments including penthouse suites, as well as a gym, underground parking for 200 cars and a private rooftop terrace overlooking Preston.
The apartments will be contained in four separate buildings ranging from seven to 16 storeys, looking onto a landscaped courtyard and geometric lawns, and with stepped terracing to ground level.
The project, by Blackburn-registered Pillars Holdings and designed by David Cox Architects, forms part of Preston City Council’s regeneration masterplan for the Stoneygate area of the city.
A spokesperson for Pillars, said: “Our PR1 project will bring in a lot of investment and jobs back to the city, which are currently being lost to other nearby cities.
“Having a scheme of this size will make all occupier sectors, including professionals, private renters, students and first-time home buyers think again before moving to larger cities such as Manchester and Liverpool, where living costs and apartment prices are extortionately high.
“This scheme puts Preston on the map as a key player for housing and is located in a prime location, hence the name ‘PR1’.
The scheme has been designed to maximise the site’s potential and connect easily to nearby public transport links, Pillars added. The company has plans to deliver further homes in Preston and elsewhere in the region, as part of its growth strategy, and more details are to be unveiled in the coming weeks and months, it said.