PRESTON'S 10 YEAR PLAN - OCTOBER 2020 www.theexchangepreston.com - Hurst & Wills
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PRESTON’S 10 YEAR PLAN OCTOBER 2020 www.theexchangepreston.com
INTRODUCING
PRESTON
Located in the heart of the
North West, Preston is the
CONTENTS
www.theexchangepreston.com
strategic and economic
centre of Lancashire, and one
of the UK’s fastest growing
3. Introducing Preston cities.
4. Preston: An investable city
5. Levelling up Preston Preston became the UK’s 50th city when it
6. Education was awarded city status in 2002. Since then,
it has enjoyed much success, benefitting
7. Location and transport from a wealth of public and private
8. Stoneygate masterplan investment schemes to upgrade its centre
9. The area and surrounding areas.
10. Alliance Investments Today, Preston is the third largest city in the
North West—as well as being the largest
in Lancashire—and with a population of
141,000, it looks to have a bright future.
|3
PRESTON: LEVELING UP
AN INVESTABLE CITY PRESTON
The North West buy-to-let A number of future-facing investment
1
market has long been dominated schemes have been announced in recent
by Manchester and Liverpool. years which are aimed at expanding
However, the success of the Preston’s infrastructure and residential
offering. The aim being to ‘level up’
two cities is now seeing a ripple Preston, transforming its city centre
effect across the region, as local and surrounding areas into a hotbed for
areas benefit from concentrated economic and social growth.
investment—which means it’s Preston was named the
worth shopping around to get the best city in the North
most out of your money. West to live and work in Preston’s £434m cash injection
2016 and crowned the
most improved city in the Signed in 2013, the Preston, South Ribble
One area that’s turning heads is Preston. UK in 2018. and Lancashire City Deal has been
Located less than an hour away from both described as “a landmark agreement” by
(PricewaterhouseCoopers) Preston City Council.
Manchester and Liverpool, Preston is the
largest city in Lancashire, a county that’s
generating £23bn in Gross Value Added The Infrastructure Delivery Programme
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(GVA) annually, with more than 45,000 and Investment Fund totals £434m of
registered businesses and around 620,000 new investment and aims to stimulate
4%
jobs. new development opportunities in the
city, delivering 17,420 new homes to the
The city’s proximity to its economic residential market, and creating more than
powerhouse neighbours has set Preston on 20,000 jobs.
its own path to prosperity. Attracting 70,000
commuters between 2001 and 2011, a figure The scheme will also better connect
that continues to grow, it’s fast become the city through the enhancement of
an attractive place to work and live, with Last year, rents in Preston local transport links, with a focus on four
young professionals pushing up demand rose by 4%, almost double road schemes, helping to support future
for quality rental properties. the national average. business.
The city is considered a national centre (Zoopla, 2019) It’s anticipated that the City Deal will grow
for education, home to the University of the local economy by £1bn over the next
Central Lancashire (UCLAN). With a student decade.
and staff community of almost 38,000, the
university ranks as the fifth largest in the
36%
UK based on undergraduate intake.
With so much talent being nurtured in “A landmark agreement
to achieve a once-in-a-
the city, businesses continue to see the
massive potential in Preston’s young and
lifetime transformation
progressive workforce. The city now boasts
an extremely strong employment rate
of the area, creating
of 77.5%, 3.1% higher than the national
Percentage of Preston’s
£1bn
average.
population that are under
All things considered, Preston has become the age of 25. thousands of new jobs
and homes.”
an investment hotspot in its own right, and
(PricewaterhouseCoopers)
should be considered seriously by those
looking for their next rental property.
(Preston City Council)
However, some areas are growing faster
than others, so pinpointing where exactly Predicted economic growth in
to invest is key to a successful long-term Preston over the next decade
strategy.
|5
PRESTON:
EDUCATION
The University of Central Lancashire Engineering Innovation Centre
(UCLAN), a renowned centre for education (EIC), which opened its doors in
and research, is central to Preston’s
community and one of the city’s largest
employers.
October 2019. The EIC is a
cutting-edge facility which will
LOCATION &
The UCLAN Masterplan is a £200m
investment scheme that will transform
help to teach and nurture the UK’s
next generation of engineers, right TRANSPORT
in the heart of Lancashire.
UCLAN’s campus into a world-class
education facility. Plans for a Preston’s location is a key driver of success.
fully-integrated city centre campus will The facility benefits from state-of-the-art Located centrally in the North West, the city
enhance the learning experience for research laboratories, giving students has easy access to all of the major northern
rgh
current and future students and staff, and first-hand experience and skills. By roadways, including the M6, M61, M65 and
contribute to the city’s reputation as a place
u
developing this kind of talent in the city, the M55, opening up travel throughout the
Edinb
to live, study and visit. Preston has attracted some of the biggest UK for residents and those looking to do
names in aerospace, advanced engineering business.
One of the biggest drivers of and manufacturing—driving economic
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growth to come out of the growth and a reputation for engineering Preston is also well-served by rail, situated
t
ric
UCLAN Masterplan is the £35m excellence for generations to come. on the West Coast mainline. This puts
D ist
it within easy reach of the UK’s most
ke
well-known cities including Manchester,
La
Liverpool, Glasgow, Edinburgh, Birmingham
s
and London. While the city’s close Leed
proximity to both Manchester and Liverpool
PRESTON
Pea
kD
is of particular benefit, as Preston is istri
Liverp
ct
commutable to either.
M
an
ch
ool
e st
er
Lond
n o
By car
Manchester: 38 minutes
Liverpool: 1hr
Leeds: 50 minutes
Lake District National Park: 46 minutes
Peak District National Park: 1hr 20 minutes
UK
By train
£200m
Manchester: 40 minutes
Liverpool: 50 minutes
Birmingham: 1hr 35 minutes
Edinburgh: 2hr 25 minutes
London: 2hr 20 minutes
Total value of the UCLAN Masterplan
|7THE STONEYGATE THE
MASTERPLAN AREA
A6
A long-term vision that will span the The Stoneygate Masterplan is an ambitious
next decade and more, the Stoneygate project that covers 25 hectares of land
Masterplan was proposed in 2019 and towards the east of the city centre and
given the green light in June 2020. extends across the current city boundary.
n tre
Ce
83 The scheme will create a vibrant mixed- The framework shows regeneration
use ‘urban village’ in the city centre, ty reaching from the city centre, out towards
transforming several districts, including the Queens Retail Park in the east and the
Ci
some underutilised sites, into a trendy area Cardinal Newman College to the south. The
9
to live, work and play. governmentA5 has already highlighted the
A59 scheme’s potential due to its prime position
n Area
Str
As well as creating space for a high-quality near the heart of the city.
atio
an
residential offering, the masterplan is A5
9
e r
d
en
geared toward stimulating public and The scale of the project means the
Ro
private sector investment into Preston, government will set out unique design
ad
g
including the creation of new business and development plans for each district
re
enterprises. earmarked for regeneration.
Stoneygate
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It is hoped that Stoneygate will create One of the main aims of the masterplan
a new kind of environment alongside will be to redevelop a number of vacant
Preston’s current offering, appealing to and derelict sites including Horrocks Mill,
creative industries, micro business and breathing new life into underused sites and
entrepreneurs who will be attracted to the helping these areas work better for those
higher footfall and unique cultural identity living in, moving to, or visiting Preston.
of the area.
“Stoneygate is a key area of Preston city
The framework also references new centre with huge potential and many
linkages for pedestrians and cyclists,
reducing the amount of traffic in the area opportunities. Creating a new high quality
to create a greener future in Preston for urban village, it’s a chance to bring a huge
generations to come. transformation into this historic part of
Preston. This is the exciting next step in our
Lo
long-term vision for the area where public
n
The Stoneygate Masterplan
do
and private sectors can work together to
nR
at a glance: maximise its potential, linking into both
oa
d
oa
lR the City Centre Plan and City Centre Living
d
oo
erp
L i v Strategy.”
Councillor Peter Moss, Cabinet member for planning
and regulation
Ribble
River
The Future
25 hectares 1,600 new
homes Preston is already a vibrant and dynamic
city in its own right, but it is hoped that the
Stoneygate Masterplan, combined with
the other investment schemes already
underway, will help create more liveable
space, readying the city for its predicated
growth.
15 year New cycle
regeneration and pedestrian
scheme links
A6 |9You can also read
