Lancashire County Pension Fund is to finance the redevelopment of the Park Hotel following a deal with Lancashire County Council to transfer the asset.
The hotel, first opened for rail passengers in 1882 and later converted to offices by the county council, is to be returned to its original use, bringing 154 hotel beds to the city.
The 3.3-acre development on East Cliff in the city centre will see 71 bedrooms created in the original Grade II-listed building, as well as a spa and offices. The more recent Joint Divisional Offices building on the site is to be demolished and replaced by a new hotel extension including 83 bedrooms, conference facilities, a lounge bar and gym. A 500-capacity banqueting pavilion completes the project.
Cassidy + Ashton is the project architect and Frank Whittle Partnership is the project manager and cost consultant. The tender for the contractor is to go out in the second quarter of 2017.
Chris Taylor, director at Cassidy + Ashton, said: “We’ve worked with all parties to fine-tune the detailed designs and ensure the scheme fits with the city’s needs and visitor demand.
“The scheme sits within a conservation area so is not without its challenges, but it’s set to create a new tourism asset for the city that will support jobs and enhance Preston’s reputation.”
David Robinson, FWP’s managing partner, added: “This is another sign of the strategic progress the city is making. With the redevelopment of the Markets Quarter, the revitalisation of the Guild Hall entertainment complex and other hotels being planned, we are seeing Preston significantly up its game.”