"Boom in city centre living": £6m apartment development where Preston nightclub used to be is complete and already fully let
Work has been completed on a £6m redevelopment of one of Preston's best-known buildings.
Buckingham House in Glovers Court - which was home to Brown's Nightclub for years - has been transformed into 24 high-end apartments and two grade A offices on the ground floor where the revolving dance floor used to be.
All of the apartments were pre-let weeks before work was complete, mostly to young professionals who work at UCLan, BAe and the Royal Preston Hospital, as well as some international students.
It is the latest in a series of luxury apartment developments in the city centre, with a 130-apartment development called Bishopgate Gardens set to open in Ormskirk Street in September, plans passed for a £50m 294-unit apartment development on the site of Avenham Street car park, and schemes including The Light Buildings and Room Apartments already in use in Lawson Street.
>>>Click here to read about the City Living Strategy.
The developments fit into Preston Council's City Living Strategy, which was launched in 2017 and aims to see more than 1,700 residential units in the city centre, in order to increase footfall and rejuvenate the area.
A spokesman for TSS Properties, which owns Buckingham House, said: "The majority of apartments were reserved six months ago in the midst of the pandemic, showing the rental market is still very strong even during these uncertain times. This clearly shows the positive outlook people have."
He added: "We have had tenants walk in and be blown away by the style and decor in just the common areas such as the entrance. Our apartments feature walk in wardrobes, hotel style fob key door locks, smart controlled radiators, video intercom system, CCTV throughout, superfast fibre broadband and much more."
Ajay Patel from Preston-based estate agents, Kingswood, who pre-let all of the apartments, said: "Preston is seeing a boom along with most parts of the country and some key factors are affordable housing prices compared to larger cities like Manchester, higher capital gains rises and the investment and regeneration in the city.
"We are seeing growth in all sectors like never before and it does not seem to be showing any signs of slowing down. This sell-out development at Buckingham House clearly shows the appetite the city has, and credit to TSS on redeveloping most of Glovers Court which will now become the hottest place to stay in the city centre, given its location and amenities nearby.'
Andy Moss, also from Kingswood, said: "Preston's city centre market really is hot. It really is a boom town right now, and it's helped by the university expansion, big employers being nearby and the transport links,
"The city centre is very, very popular and we're seeing quite a few developments of a high standard.
"There's something about Preston that's fun, and we have some very special places like Winckley Square and Avenham and Miller Parks."
TSS have previously completed a £2.5m development of high-end apartments in the former Booths cafe and warehouse building in Glover's Court, called City Bridge.
>>>Click here to see what the redevelopment of a Preston landmark looked like.
The company spokesman said: "We are seeing prices rocket as the number of buyers still outweigh the supply in the market. We have witnessed a 20 to 25 per cent increase in capital gain on some apartments at City Bridge which were only completed 18 months ago."
He added: "Being the third largest city in the North West and largest in Lancashire, Preston offers strong transport links, thriving higher education sector and a strong performing economy which is attracting more investors into the city.
"With Preston City Council investing and improving on infrastructure, working on masterplans such as Stoneygate, we believe the property market, especially in the city centre, will see a shift from more retail based, to a mix of retail, leisure and living, with the latter paving way for more independent retailers and keeping up the demand in the city, where other towns and cities are struggling."
Video above is courtesy of Preston-based videographer Dimitrios.
History of Buckingham House:
The building, at one time in the property portfolio of Preston North End owner Trevor Hemmings, used to house a trade union education centre run by Preston College.
The ground floor opened as Browns Cafe Bar in 1998 and the first floor became Truth nightclub in 2003.