Preston City Centre Earmarked for ┬ú700m Facelift
Plans for the Tithebarn scheme – a ┬ú700m project to transform PrestonΓÇÖs city centre – have been approved.
The project covers an area of 32 acres in the city centre, and will include the development of retail outlets, restaurants, cafes, a new market and a bus station.
Although the scheme is expected to boost the prospects of Preston, councils from nearby Blackpool and Blackburn reportedly objected to the scheme for fear that it would have a negative knock-on effect on their own towns.
Following a public inquiry, the scheme was investigated by the government and approval has since been granted.
According to TheBusinessDesk, Frank McKenna, chairman of lobbying group Downtown Preston in Business, said: “This is positive news for Preston, but it’s a shame that the decision has taken as long as it has.”
He added: “In the current environment it will be a much more difficult scheme to complete, but at least we now have a clear blueprint.”
The regeneration of the city centre would no doubt appeal to local businesspeople, and could encourage a boost in office space development.
In the serviced office industry, there are currently 11 business centres live on the officebroker.com website in Preston, including those operated by large-scale office providers such as Bizspace and Regus, along with other independent centres which are managed by companies including Sight Media, and Chorley Business & Technology Centre.
Considering the North West region as a whole, enquiries for serviced office space in Q3 2010 are currently on a par with the same period last year ΓÇô up slightly by 1%. However statistics from officebroker.com show that the number of businesses taking space in this region is down by 45%.
However, despite this drop in new tenants, the number of businesses taking serviced office space through officebroker.com in the North West remained the 4th highest of any UK region during Q3 10.