It’s been some time since the Preston masterplan commenced – a 4 year plan to transform Preston into a modern, attractive space for those to live, work and study. As part of the £400 million masterplan for the area, Bishopgate Gardens continues on schedule, but what about the rest of Preston?
In June 2020, the Stoneygate Masterplan was approved, looking to deliver 1,600 homes across 61 acres in the city. This is originally part of a 15 year regeneration plan for the area. This is split into 4 areas – Stoneygate in the west, Percy Street in the North, Horrocks Quarter in the East and Queen Street to the south. The idea is for the creation of an “urban village” in Stoneygate to bring new life to vacant and underused sites including the former Horrocks Mill and Blue Bell pub.
Improving too, Church Row which is the connection from the north to the south for Cardinal Newman College and the city centre. This is of particular interest in relation to Bishopgate Gardens as it includes regenerating the area around the bus station that’s directly opposite the development. By doing this regeneration, working together with Preston City Council there will be more living space for those looking to work in Preston as well as a more attractive city centre. It’s all very exciting!
Phase four of the UCLan Masterplan is underway with Friargate reopening after being closed to traffic for much of 2020. There will be a new road to replace the Adelphi Roundabout as well as Moor Lane reopening. Walker street will open in mid-November and Adelphi Street will reopen in the springtime. The next phase will see Corporation Street close as of 18th October and will stay closed until March 2021.
By improving the road systems and access around Friargate it will lessen congestion and make the surrounding areas much more accessible. Part of the masterplan was to remove the sources of traffic in the city centre and this plan is well on track to do this with the schedules being met as expected by Preston City Council.
Garden City Approach
Preston’s redevelopment has long been about improving the aesthetic value of the area for all living there and looking to move there. There has always been the potential for something amazing and it is now being realised. The idea is to shape housing growth and creating sustainable communities. With Preston’s rental demand skyrocketing, this isn’t a pipe-dream, it’s something people are already on board with. Preston ranks as within the top 5 areas in the UK for rental demand and with rental yields now coming in well above 7% it’s something investors can take advantage of. We anticipate that property value by 2025 will have increased by as much as 25% in the area.
The simple principles of creating a Garden city are to create homes for residents that are attractive and provide ample access to local green areas, with the surrounding belt of Lancashire countryside to form a big part of this. With work/life balance an integral part now of people’s mantra, having an area of outstanding natural beauty nearby is a very attractive prospect.
Speak to us
Bishopgate Gardens is an exciting development in the centre of Preston. With prices starting at £115,000 and expected yields above 7% there is a lot to be excited about. To speak to our team about your investment then call us on 01942 251945 or email us on firstname.lastname@example.org