A new property development firm has been set up to cash in on the boom in demand for city centre apartments in Preston. Downtown Living has been founded by a group of local businessmen after securing £8m in funding to create luxury modern homes in the heart of the city, mirroring similar property-led regeneration in Manchester and Liverpool.
Company chairman Frank Bretherton believes the plans to regenerate Preston, led by the £450m Tithebarn project, will create a huge demand for young professionals looking to live in the city centre.
The firm, based on Ribblesdale Place in the city centre, has already started work on its first major project with the development of the former barrister's chambers on Lawson Street in the city centre.
The 58-year-old, who was born in Ribbleton and schooled in Longridge, believes the signs are there for Preston to develop into one of the most attractive parts of the North West for professional people.
He said: "It will not happen overnight, but in the medium term Preston
will develop into a truly cosmopolitan and vibrant city – a rewarding place to live.
"Add to that our first-rate communication links and our traffic-free street plan and you can see why young people want to live in the city centre for all that it offers.
"We have seen how the city living boom has breathed new life into cities such as Manchester and Liverpool and I can see projects like ours having the same effect here."
Mr Bretherton, whose business background is in electronics and communications, is joined on the company's board of directors by businessmen with a vast experience in construction and development.
They include fellow Prestonian Stuart Whittle, the former managing director of a £150m turnover aerospace firm, who jointly-founded Construction Partnership UK (CPUK)t, which is leading work on Preston North End FC's new stand.
CPUK and architects Frank Whittle Partnership are also leading the construction project on Lawson Street, which will deliver 85 high-spec apartments within easy walking distance of the University of Central Lancashire and the city centre.
Mr Whittle said: "This is an exciting addition to Preston's ambitious regeneration plans. "Our knowledge of the city means we can deliver modern, stylish and high quality homes, which will appeal to both owner occupiers and investors."
Downtown Living is already in talks about starting similar developments in other parts of the city centre.
Director of property finance Eddie Spencer, of banking giant NatWest, which has ploughed £8m into the new company, believes it will "contribute to the rebirth of the Preston city centre."
Last Updated: 12 June 2007 8:41 AM
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