Preston has been awarded £20.9m for a series of regeneration projects in the city centre. This will further boost and elevate this growing city in the north-west.
In the Spring Budget, Chancellor Rishi Sunak announced £1bn towards 45 areas of England through the Towns Fund. The places receiving funding are predominantly in the north-west, Midlands and Yorkshire.
The north-west is the region seeing the most investment through the Towns Fund, which is providing £211m for towns and cities there. Preston in particular is set to receive £20.9m of funding for redevelopment projects highlighted within the City Investment Plan. This plan sets out a bold 15-year vision and strategy to transform and regenerate the city.
John Chesworth, chair of Preston Partnership and the Preston Towns Fund board, says: “The projects within the plan will not just regenerate buildings and public spaces, they will strengthen our leisure and cultural offering, creating jobs and economic growth. They will enable the city centre to have a thriving day and night-time economy which will be vital in the years ahead.”
The Towns Fund investment in Preston will support revival and regeneration plans for the city’s Harris Quarter. A few projects that will benefit from the funding include the refurbishment of the Harris Museum, Art Gallery and Library, the delivery of a new cinema and leisure scheme and a project improving pedestrian and cycleway infrastructure.
Additionally, the funding will help develop the Youth Zone for young people between eight and 19 years old. The £20.9 of funding also includes £1m for the Harris Quarter Pop-Ups project. This funding will attract more visitors and residents to Preston’s city centre.
Investment and regeneration
Preston was one of 101 towns and cities bidding for a share of the government’s Towns Fund. This investment will unlock more in Preston, bring economic growth and further elevate the city.
Councillor Matthew Brown, leader of Preston City Council, comments: “It provides a long-term vision for making the Harris Quarter a vibrant and exciting part of the city with a world class business, leisure and cultural proposition that can enrich the lives of Preston residents and build community wealth and shared prosperity.”
The additional investment and regeneration coming to Preston will continue to improve the city’s liveability. And it will entice more people and businesses to the growing city. Preston even beat out Liverpool and Manchester for the fourth year running as the best city to live and work in the north-west.
Investment in transport, connectivity and infrastructure is also further boosting Preston and its liveability. The city in the north-west is set to benefit from the planned High Speed 2 (HS2) transport project. This will lead to shorter journey times and line improvements between Preston and major UK cities. Already well-connected, Preston will emerge as a key transport hub for the north-west.
Property investment hotspot
With these new investment, development and regeneration projects on the way, property investment is booming in Preston. Property investors choose to invest in this city for a number of reasons. This includes low house prices and strong rental demand.
For instance, house prices in Preston are well below the national average. This city is also home to lucrative rental yields and has a become a property investment hotspot. On top of that, capital appreciation prospects for the city look positive as well. In the coming years, the north-west is predicted to see the strongest house price growth than anywhere else in the UK.
Investment from the Towns Fund will likely further boost Preston’s property market. Additionally, with the regeneration and development projects in the works, this will likely cause house prices to rise even further. Many property investors are keen to get their foot in the door soon to maximise these potential price hikes.
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