PRESTON CITY LIVING PROSPECTUS

PRESTON CITY LIVING PROSPECTUS

Welcome City Deal provides us with a once-in-a-lifetime funding programme to transform Central Lancashire, creating thousands of new jobs and homes, while increasing the size of the local economy by 1 billion. We are making great progress towards our vision across the City Deal area. / IMAGE Guildhall Street warehouse project by www.etcurban.co.uk Preston City Centre is the vibrant heart of our area offering great opportunities to work, shop and relax, boasting outstanding public parks and attractive buildings, centrally located and accessible by road and rail. Recent transformational projects include: Restoration of Winckley Square to its former glory. Transformation of our leisure offer through the development of a new cinema in the city centre and a range of new retail outlets. Upgraded public realm along Fishergate to create a contemporary shared space for both pedestrians and vehicles. The new tree lined street with modern furniture is already creating a better place to visit and do business and we have plans to extend it further. The resurgence of city living and our great existing platform means now is a great time to transform our residential offer in the city centre. This prospectus sets out the attributes that Preston already offers as a place to live and the opportunities for investors and developers to work with us to deliver new homes across the city centre. We look forward to working with you. Jim Carter Chair, Preston, South Ribble & Lancashire City Deal Refurbishment of Preston Bus Station into a modern and vibrant hub, focused on facilities for young people, bus and coach transport, as well as an attractive open public space, while preserving the building s unique architecture. \\ 02 03 //

AT THE HEART OF LANCASHIRE \ MAIN IMAGE Looking west over Preston City Centre We are Lancashire The place for growth 50,000 businesses generating 28 billion per year Preston... LANCASHIRE Number 1 in the UK for aerospace with 500 aerospace supply chain companies; 4th largest aerospace cluster in the world 13,000 aerospace employees; UK s largest concentration of aerospace employment 85,000 employees in the engineering sector Lancashire Advanced Manufacturing and Energy Cluster; 4 Enterprise Zone sites of Northern Powerhouse significance Number 1 in the UK for advanced manufacturing...enjoys first class transport connectivity, with the M6 forming the north-south spine of its road network while the M65, M55 and M61 radiate out to East Lancashire, the Fylde Coast and Greater Manchester....is served by two international airports Manchester and Liverpool....has access to superb landscape including more than 300 square miles designated as Areas of Outstanding Natural Beauty and the Lancashire Golf Coast, offering some of the best courses in the country, regularly hosting the Open Championship. London to Preston in just over 2 hours Linked by 4 major motorways 45 minutes from Manchester airport A potential global leader in the development and assembly of Small Modular Nuclear Reactors 41,000 working in the energy and environment sector 4 successful universities producing the UK s largest source of STEM graduates Best UK Food Pub Best UK Tourism Pub Best UK Inn AA Hotel of the Year Food and drink sector is worth 735 million to the Lancashire economy Home to the UK s favourite seaside resort - Blackpool 56,000 people employed in Lancashire s visitor economy valued at 3.8 billion Morecambe Bay Shrimp under Royal Warrant since 1867 The Forest of Bowland and Arnside & Silverdale; Areas of Outstanding Natural Beauty \\ 04 05 //

TRANSFORMING PRESTON The City Deal Partnership is a once-in-a-lifetime opportunity between Lancashire Local Enterprise Partnership (LEP), Lancashire County Council (LCC), Preston City Council (PCC), South Ribble Borough Council (SRBC) and the Homes and Communities Agency (HCA). \\ 06 / IMAGE 200m UCLan MasterPlan CITY DEAL WILL DELIVER: 430m new investment in transport improvement 20,000 new jobs Development of more than 17,000 new homes over the next ten years Leverage a further 2.3bn of commercial investment into housing and employment sites Investment in Preston and Lancashire Fleetwood Blackpool Lytham M55 Ormskirk Morecambe M58 Lancaster M6 Skelmersdale Preston M6 Chorley M61 M65 Blackburn Clitheroe Accrington Growing Places Growth Deals 1 & 2 Growth Deal 3 Garden Village Status Enterprise Zones City Deal Employment Schemes City Deal Housing Schemes City Deal Highways Schemes Burnley - Pendle Growth Corridor Assisted Areas City Deal Area Nelson Burnley Rawtenstall INVEST CENTRAL LANCASHIRE: Economic strength Second largest GVA increase between 2014 and 2015 Connected Four major motorways / North West s third busiest train station Skilled One of UK s largest universities - 36,000 students, 3,000 staff City character Historical Harris to brutalist bus station Quality of life Accessible parks and adventurous landscape Strong executive and political leadership An agreed plan and strategy Deliverable and viable sites 07 //

TARGET MARKET Analysis of the socioeconomic and residential market has identified the following target residents for the city centre: YOUNG PROFESSIONALS The sub sector that drives residential living in all major cities has great potential to be harnessed in Preston due to the employment opportunities and existing amenity offer within Preston and the wider area. STUDENTS AND POSTGRADUATES University of Central Lancashire (UCLan) s existing offer in the city creates a great foundation upon which to build. Scope exists to deliver even better quality student accommodation which would be more attractive to international students and graduates. The provision of accommodation targeted at postgraduates and young professionals offers a great opportunity to improve graduate retention in the city. Opportunities also exist to target medical students at the Royal Preston Hospital where there is an acknowledged shortage of quality accommodation. Additionally, new accommodation will also support UCLan s exciting expansion plans. FAMILIES AND COUPLES Unlike some of the established larger cities, Preston has the benefit of being more compact with existing schools within the city centre, as well as offering a wide range of shops, parks and amenities. As such it has the potential to be a great place for families to live. RETIRED Although currently not a major market, given the accessibility of the city to attractive countryside and its cultural offer, if the right type of accommodation can be delivered older people should be a potential growth sector. Analysis has identified the potential for the following products in the city centre to meet the needs of the target population: New homes for rent (private and affordable) Homes for sale Mix of apartments and houses New build and quality conversions \\ 08 09 //

A QUALITY PLACE TO LIVE, WORK AND PLAY Morecambe Lancaster Motorway network Railway network Fleetwood \ 01 \ 02 M6 Clitheroe \ MAIN IMAGE Winckley Square \ 01 Preston Railway Station \ 02 M6 motorway, Bamber Bridge Attractive green space the Victorian Grade II* listed Avenham and Miller Parks and the Georgian Winckley Square (brought back to its former glory following a 1 million upgrade) are just a few minutes walk from the main retail street, Fishergate. Quality public realm along Fishergate (Preston s main retail street), Church Street and Cannon Street (one of Preston s niche retail locations) with planned extensions to Lancaster Road and Harris Quarter. Attractive buildings with strong investor commitment to developing high quality hotels and spas. Interest from developers to bring buildings back into use includes the Park Hotel and the former Post Office, plus projects such as Re-Imagining of the Harris. Outstanding connectivity Located on the West Coast Main Line, Preston Railway Station serves 4.5m passengers a year and is the third busiest station in the North West. It is the strategic hub for Lancashire providing direct access to London, Birmingham, Edinburgh and Glasgow. The station is currently undergoing a 1.5 million upgrade. The electrification of the Preston to Manchester line via Bolton will reduce journey times to 30 minutes. London is currently just over two hours away but following HS2 three trains per hour will provide access to London in 77 minutes. Easy access to M6 (4 junctions), M61, M65 and M55 motorway network makes Preston a great place to live and work with access to local and wider employment opportunities across Lancashire and the Northern Powerhouse. Excellent access to surrounding countryside including the Lake District, Trough of Bowland and coastal destinations such as Lytham, Blackpool, Morecambe and Southport. Blackpool Lytham M55 Ormskirk M58 Skelmersdale Preston M6 Chorley M61 M65 Blackburn Accrington Nelson Burnley Rawtenstall Manchester \\ 10 11 //

A STRONG PLACE FOR GROWTH / 01 / 02 / 03 \\ 12 / 04 Existing population - we already have 8,000 residents and students living in the city centre with great potential to grow this base through the delivery of a wider choice of new homes. Range of high profile national, regional and local companies located in the area including BAE Systems, Handelsbanken, Virgin Trains and The Eric Wright Group. 1million+ sqm of commercial floorspace to be delivered over the lifetime of City Deal in the Central Lancashire area including city centre office development, nearby Cuerden Strategic Employment Site (inc. IKEA) and the Advanced Manufacturing & Engineering Enterprise Zone at Samlesbury. Excellent education opportunities - UCLan is one of the largest universities in the UK, with over 36,000 students and almost 3,000 staff and world-leading rated (4*) research in 16 subject areas. Preston s schools and colleges are well respected in particular Cardinal Newman, Preston s College and Runshaw College. The Royal Preston Hospital is the region s Major Trauma Centre as well as the base for the Rosemere Cancer Centre. The hospital is also known for providing specialist renal, plastics/ burns, and neuroscience services. An exciting mix of independents, regional and national bars and restaurants such as Bruccianis, Stratos, Olive Tree Brasserie, Solita Bar and Grill, Turtle Bay and Pizza Express. The quality of the night-time offer is recognised through the Association of Town & City Management (ACTM) award of Purple Flag status for the city. Preston is home to a number of Lancashire s premier cultural attractions including the Harris Museum, Preston Guild Hall and Preston North End Football Club. / MAIN IMAGE Cuerden, Preston / 01 Advanced Manufacturing & Engineering Enterprise Zone at Samlesbury / 02 Harris Museum / 03 Baluga Bar / 04 Forum, Winckley Street 13 //

SIGNIFICANT ONGOING INVESTMENT An impressive portfolio of public and private sector investments are already underway to support the ongoing transformation of the city. \ MAIN IMAGE Preston Markets Quarter \ 01 UCLan Masterplan - external view of student support centre \ 02 Preston Railway Station \ 01 \ 02 MARKETS QUARTER The 50 million scheme is underway with the building of a new indoor market hall and resurfacing works under the restored 1875 Covered Market canopy and Box Market under the restored 1920s Fish Market canopy. A cinema led leisure scheme with an array of high class and major national restaurants will be built next to the new market hall on the site of the existing indoor market. PRESTON RAILWAY STATION A 1.5 million upgrade of the station is currently taking place with a new station entrance and concourse. Further investment includes the electrification of the Preston to Manchester via Bolton line and the proposed HS2 Hub Station. UCLAN S CAMPUS MASTERPLAN Launched in November 2015, it will guide the evolution of the Campus over the next decade through the investment of 200 million in facilities and the integration of the campus into the rest of the city. Investments include the 13 million Sir Tom Finney Sports Centre, the 15 million Media Factory development and the 30 million Engineering Innovation Centre. CITY CENTRE PUBLIC REALM 1 million improvements to the historic Winckley Square gardens with a further 900k of refurbishment works to historic buildings in the surrounding area have seen the gardens restored to their former glory. Wider investment is also delivering a step change in the public realm across the city including the 10 millon investment along Fishergate and Church Street. \\ 14 15 //

SIGNIFICANT ONGOING INVESTMENT / 01 THE FORMER POST OFFICE BUILDING This Grade II listed landmark building will undergo major restoration to become a new boutique 60 bedroom hotel and spa by the award winning hotel group Signature Living. PRESTON GUILD HALL The proposed 10m investment in Lancashire s premier entertainment venue will deliver a 105- room aparthotel, casino, spa and gym, as well as a range of new leisure activities including bowling, golf, karaoke and dining facilities. PRESTON BUS STATION AND YOUTH ZONE Full refurbishment of this brutalist architectural icon is now underway ( 25m investment due for completion in 2019) including the construction of a Youth Zone facility and major new public square. PARK HOTEL, EAST CLIFF The former Park Hotel is to become a hotel again. A deal has been approved between Lancashire County Pension Fund and Lancashire County Council for investment in the development. HARRIS MUSEUM & LIBRARY RE-IMAGINING A 15m project to re-imagine Lancashire s premier art gallery, museum and library is now underway to ensure that it is a cultural, civic and community hub for Preston and Lancashire. ST GEORGE S SHOPPING CENTRE Currently undergoing major investment and attracting additional national retailers. STONEYGATE A masterplan will define a housing-led mixed use development area located to the south and east side of Preston City Centre. HARRIS QUARTER PUBLIC REALM MASTERPLAN A co-ordinated programme of public works to link developments to the rest of the city centre and create a sense of place for the Harris Quarter. / MAIN IMAGE Preston Bus Station and Youth Zone / 01 Concert at Preston Guild Hall / 02 Proposed new Park Hotel, Preston / 02 \\ 016 17 //

Law Courts / PRESTON CITY LIVING GAME-CHANGING OPPORTUNITIES Inner East Preston Neighbourhood Plan Area University of Central Lancashire (UCLan) HARRIS QUARTER CORPORATION STREET HORROCKS QUARTER St George s Shopping Centre An opportunity for high quality conversions and new build Established in 1801 as an exclusive residential area of the city, overtime it became the premier legal and professional quarter accommodating many of the city s professional and financial services firms, whilst also remaining a strong residential community. Attractive architectural properties offer the potential for further investment and a wider range of uses, in particular residential. The area has the potential to act as a catalyst to a new wave of city living which will support Preston to provide a better range of residential units both new and converted. STONEYGATE Fishergate Shopping Centre The UCLan Campus Masterplan sets out a 10 year vision for the area which will focus on opening up the campus with a new square and social space, bringing the city closer to UCLan through landscaping and connections. Friargate and Corporation Street are key links to the city centre. Scope for higher quality student accommodation will attract postgraduates and international students whilst also supporting the retention of graduates in the city. HARRIS QUARTER Potential to create a high density quarter aimed at increasing footfall and spend in the city centre and supporting its existing new leisure and retail offer for those who want to live in the beating heart of the city. STONEYGATE WINCKLEY Identified as an area for a range of new homes which will respond to success and investment in the Harris Quarter and Winckley Square Stoneygate has been identified as an urban village which will benefit from investment in the Harris Quarter and Winckley Square. Homes are likely to be mainly new build and have the potential to be efficient in terms of size and energy with excellent access to the green spaces and all that the city has to offer. The target population could be young professionals and families. STATION GATEWAY HORROCKS QUARTER STATION GATEWAY An opportunity to create a new business district linked to investment in the Railway Station The city and its partners are developing a new vision for the station and its surrounding area - a new business district that will deliver a step change in the city s office, retail and leisure offer. As the proposals are refined new residential development is likely to form part of the exciting mix. Scope to build upon the existing student village to offer a mix of accommodation for students, postgraduates and young professionals supported by a vibrant food and drink offer Scope for new apartments close to the city s improving leisure offer WINCKLEY SQUARE Winckley Square is one of the finest examples of a Georgian Square in the North of England. Centred around open gardens, the square is home to some impressive Georgian architecture just 50 yards from Preston s main retail district. CORPORATION STREET Avenham Park Miller Park \\ 18 River Ribble An opportunity to provide a range of modern affordable apartments and houses within walking distance of the heart of the city The Horrocks Quarter, currently underutilised, has been identified as a prime development site. Marking the eastern gateway to the city centre, this area includes Queens Retail Park and boasts a very prominent frontage on the key arterial route into Preston city centre from the south and east. It offers the potential for affordable new houses and apartments, at lower density to the core of the city. It could accommodate specialist housing for older people, given the accessibility of the area to local services. 19 // Reproduced from the Ordnance Survey mapping with Stationery Office Crown Copyright Reserved. Unauthorised reproduction infringes and may lead to prosecution or civil proceedings. Preston City Council. Licence No. 100022151

STRONG PLATFORM ON WHICH TO BUILD / IMAGE Fishergate, Preston Existing population of 8,000 residents in the city centre is a strong platform on which to build Completions in Preston in 2014/15 were back at the pre-recession levels and meeting the annual requirement at Harness attractiveness of city centre living and investor interest in private rented sector (PRS) c.500 units From a relatively low base scope for values to increase Significant scope to provide greater choice in the city centre and push the quality of the offer up Gap in market for modern efficient apartments Scope to deliver a step change in student accommodation Ability to access development finance funding and wider support from public sector \\ 20 21 //

We will support investment as follows: OPEN FOR INVESTMENT FUNDING The Public Sector has access to a range of funding and will work with developers to support new investment in the city. PLANNING Preston City Council and its partners have established a clear strategy for Preston in the adopted Development Plans. We recognise the value of our architectural assets and open space and whenever possible we will seek to protect these. We are committed to place making and ensuring the existing quality of the city is enhanced by future investment and development. LAND/BUILDINGS This prospectus sets out our opportunity areas and our first wave of opportunity sites/buildings. We will continue to work with partners (public and private) to provide an appropriate pipeline of opportunities to support our aspirations. We are committed to using our statutory powers to unlock stalled sites where required. MARKET INTELLIGENCE Access to a detailed analysis of the market to support our aspirations. / 01 Luxury Winckley Square apartments / 02 Crystal House apartments / 01 / 02 Preston City Council and our partners are committed to delivering a step change in our residential offer. The city is full of opportunities for investors: A GREAT CHOICE Our existing stock and opportunity sites provide scope for a wide range of residential investment opportunities for sale or rent (private and social), houses and apartments, new build and conversions. AFFORDABLE CITY LIVING Preston can offer an attractive affordable alternative to Manchester and Liverpool, a compact vibrant city well connected to employment and leisure opportunities. HIGH DEMAND Our existing residents and large student population are a great platform upon which to build our residential population and well connected by road and rail to both local and wider employment opportunities across Lancashire and the Northern Powerhouse. COMMITTED PARTNERS With land and funding resources, we are willing to work with investors to achieve our shared vision. INVESTMENT FUND The Preston, South Ribble and Lancashire City Deal, signed in 2013, has seen the launch of a new 100 million investment fund, created by Lancashire County Council Pension Fund. This means investments (managed on behalf of local government pension schemes) will be made in commercial projects in the City Deal area. A powerful incentive for commercial developers to deliver housing and other wealth-creating schemes, 51 million has already been invested or earmarked for a range of commercial, leisure and residential projects in the City Deal area. HOUSING ZONE Preston City Centre Housing Zone is a government backed initiative which is supporting the delivery of urban sites within the City Deal City Centre zone. This will ensure an appropriate housing offer in urban Preston to complement the 9,500 homes planned in more rural and semi-rural locations in northern Preston as well as to the south of the city. The Housing Zone proposition includes support with site acquisition, continued promotion through emerging planning policy and in gaining planning consent, brokering with government departments and marketing/disposal support. It also provides access to a range of funding opportunities from the HCA. INFRASTRUCTURE IMPROVEMENTS A 25 million programme of infrastructure works will upgrade key transport corridors into the city centre, improving access. Major investment is also planned for health and education infrastructure through the Community Infrastructure Plan. \\ 22 23 //

PARTNERS We are Lancashire. / IMAGE View of the city s Park Hotel from Preston s Miller Park CONTACT Contact us now to discuss how we can support you to realise your aspirations for Preston: Nigel Roberts City Development Preston City Council N.Roberts@preston.gov.uk For more details please visit: www.prestonguildcity.co.uk/cityliving