Estates Gazette on Portergate in Preston: A question of confidence
This week, Estates Gazette, the property industry bible, turns its focus onto Preston.
Simon Donohue, a business journalist specialising in the North West, asks who will take the plunge to deliver much-needed new office space in the city?
His feature, titled A Question Of Confidence, examines the task facing Preston Council to restore confidence in the city following the inevitable collapse of the all-or-nothing £700m Tithebarn regeneration plan.
Donohue believes bold and speculative developers, such as Portergate Property Management, need to lead the way writing: “There has been some success in attracting investment; student accommodation is being brought forward by Portergate Property Management, which has planning permission for 260 en-suite student bedrooms.”
Preston Council should take the lead with small developers to begin regeneration projects, like Friargate, or Glover’s Court in the city, argues Paul Swinney, an economist with Centre For Cities.
He is quoted as saying: “Preston is doing well overall, but its city centre is not doing well. In a way it’s repelling developers.”
Portergate is expecting to start on site at Friargate, a strategically important site close by the University of Central Lancashire. The company, led by Anthony Jackson, is a market leader in securing investment in its schemes, particularly from overseas and has recently completed a 240-room student accommodation building in Salford.