Wain Estates sells pair of Preston office blocks
Norwest Court and Guildhall House on Guildhall Street have been sold to local investor TSS Property for somewhere in the region of £2m.
Wain Estates put the two Preston offices up for sale last year as part of its strategic focus on land promotion and development.
The buildings generate a combined rental income of £270,000 annually and are suited to conversion into residential, according to marketing materials.
Paul Wrigglesworth, property director at Wain Estates, said: “The location of these two buildings on Guildhall Street, close to the main shopping street and Winckley Square, makes them an ideal candidate for high-quality redevelopment.
“However, given our current priorities, we are delighted to have secured a buyer that specialises in this type of project. While the buildings were available separately, we are pleased that both have been acquired by TSS.”
The larger of the two, Norwest Court, offers 24,229 sq ft over eight floors, while Guildhall House provides 20,423 sq ft over five storeys.
Tauseef Kantharia, chief executive of TSS Property, said the plan is to refurbish one of the buildings and convert the other into apartments.
“We are pleased to announce the acquisition of two high-quality, income-producing office assets in Preston city centre from Wain Estates. The properties have been exceptionally well managed and maintained under Wain Estates’ long-term ownership.”
“This strategic acquisition reflects our continued commitment to investing in Preston and enhancing the quality of workspace available in key city locations. Plans are already underway to upgrade and reposition the assets, with the goal of delivering best-in-class office environments that meet the evolving needs of modern occupiers along with a possibility of residential redevelopment for one of the buildings.”
Other planned office-to-residential conversions in Preston city centre include Yates Capital’s proposed redevelopment of the 15-storey Guild Tower into 115 apartments.
Morgan Martin acted for TSS Property. PK3 and Robert Pinkus & Co advised Wain Estates.
