Stalled Preston student scheme to be sold

The 218-bedroom redevelopment of Innovation House on Sizer Street was being delivered by Ladson Group. 

Marsh Lyons has been appointed by UK Bridge Loans to sell the site to recoup money owed to the lender. 

Ladson Preston, an SPV attached to the wider Ladson Group, won planning approval for the development in 2017. 

The scheme proposed demolishing the former Innovation House, close to the UCLan campus, and delivering a student accommodation scheme. The development comprised two blocks. The larger of the two fronts Ashmoor Street and comprises 136 studios across four storeys. The second block, five storeys tall, would feature 84 studios. 

All of the flats within the development, branded as the Printworks and designed by DAY Architectural, have been sold to investors. 

The company advertises an “assured net rental yield of 8% for three years” to investors.

“Unfortunately, due to rising costs, we could not raise further additional funding to complete the scheme,” Ladson Group director guy Ladson told Place North West.

“We are currently assisting the investors in taking the scheme forward themselves.

Ladson Preston’s financial report for the year ended 31 May 2022 showed the company had just shy of £3m in the bank, a decrease from £6.2m compared to the previous year. 

The statement also showed that the company had creditors that needed to be paid £3.2m within the next 12 months.