Serviced office provider The Watermark has bought Preston’s Old Docks House from Barnard Estate Properties with plans to convert the building into 12,000 sq ft of office space.
The art-deco building has been empty for some time, but The Watermark is planning a four-month refurbishment programme to have the building ready for occupation by late summer.
Previous tenants in the building included outsourcing company NCO Europe and advertising firm The Community Network.
Situated at the junction of Watery Lane and Port Way, the building will become the company’s third serviced office property in the city, after one office at Ribbleton Lane and another at Preston Enterprise Centre on Salter Street.
The Watermark were advised by Napthens on the sale, while Barnard Estate Properties was advised by Duxburys Commercial. Robert Pinkus & Co also advised on the sale, which was for an undisclosed fee, although the building was advertised with a guide price of £700,000 by Duxburys.
Altaf Ali of The Watermark said: “Old Docks House is a prestigious building and we’re pleased to play our part in reviving it and giving it a new lease of life.
“We expect the work to get the building ready to take around four months, and once complete it could house as many as 20-30 businesses, offering a chance to be part of a historic building without the financial commitments required to lease or acquire it in its entirety.”