Refurbishment plans for 2 Preston city centre office blocks sold to local investor in multi-million pound deal

Norwest Court and Guildhall House, both in Guildhall Street, were owned by Wain Estates and marketed together with a combined guide price in excess of £2m.

Both buildings, were marketed as offering significant redevelopment opportunities in a city experiencing strong demand for urban living and commercial investment. The larger of the two, Norwest Court, offers 24,229 sq ft over eight floors, while Guildhall House provides 20,423 sq ft over five storeys.

Both have been snapped by up TSS Property Ltd, a Preston-based property development company which has been involved in several projects converting former buildings into luxury apartments, such as the former EH Booths headquarters and the former Browns nightclub building.

Why sell?

This sale supports Wain Estates’ strategic focus on land promotion across the UK. Paul Wrigglesworth, property director for Wain Estates, said: "The location of these two buildings on Guildhall Street, close to the main shopping street and Winckley Square, makes them an ideal candidate for high-quality redevelopment. However, given our current priorities, we are delighted to have secured a buyer that specialises in this type of project. While the buildings were available separately, we are pleased that both have been acquired by TSS Property Ltd."

Future vision for the buildings

Tauseef Kantharia, chief executive for TSS Property Ltd, added: "We are pleased to announce the acquisition of two high-quality, income-producing office assets in Preston city centre from Wain Estates. The properties have been exceptionally well managed and maintained under Wain Estates’ long-term ownership.

"This strategic acquisition reflects our continued commitment to investing in Preston and enhancing the quality of workspace available in key city locations. Plans are already underway to upgrade and reposition the assets, with the goal of delivering best-in-class office environments that meet the evolving needs of modern occupiers along with a possibility of residential redevelopment for one of the buildings."