Built environment: Investors with lofty ambitions

By Ged Henderson

04 Apr 2024

John Heaton

City living continues to look up in Preston. The acquisition of two major development schemes, including the city’s tallest residential skyscraper, shows just how high its star is rising.

The changing skyline is another indication of the growing number of residential developments being delivered in the heart of the city.

Family-owned property investment group Belgravia, based in Cheshire, struck the deals, worth £8m in total, highlighting that the appetite for investment in Preston shows no signs of slowing.

It has paid £6.3m for the 471-apartment Stoneygate Central site, now renamed Urban Village, and an initial £1.7m for Lofthaus, a 21-storey development that will deliver a 307 co-living apartment community in the heart of the city.

Urban Village is a two-acre plot, formerly known as Dryden Mill. The scheme, valued at £120m, according to reports, is part of the 15-year masterplan to deliver 1,600 new homes in a historic area of the city centre, close to St John’s Minster.

The Lofthaus, reported to be valued at £45m, is a high-end development which will also include co-living spaces and a host of amenities including library, cinema, spa and wellness facilities and a rooftop garden. A wholly family led company, Belgravia is spearheaded by three directors aged under 36. It describes its investments as a show of its “trust” in Preston’s potential.

Both developments are scheduled for completion in the second half of 2025.

They will join a growing number of high-end residential development schemes delivered or in the pipeline in the city centre.

Belgravia’s head of family, Christopher Howell, said: “As a family, we are determined to support the city into the next stage of its continued growth by delivering fantastic communities, attracting and retaining alumni, and showcasing Preston on the global stage.

“We believe this amazing city, that’s built on pioneers of industry, can spearhead the growing demand for luxury co-living communities that showcase what it means to be proud of your community.”

He added that its developments are “designed to encourage a cosmopolitan vibe, where communities thrive”.

The Preston projects join an impressive Belgravia portfolio, with £260m Gross Development Value (GDV), 300,000 sq ft of commercial space, 1,040 homes, and 2,500 homes in the pipeline. Belgravia’s ambition is to deliver an additional 2,500 units by the end of 2028, “changing the face and vibrancy of major northern cities, with communities at the heart of their model.”

It says its mission is to enrich the communities it builds, creating social value through “establishing partnerships and forming meaningful relationships”. Christopher said: “We select the best-in-class team to ensure quality and delivery.”

Meanwhile, another family development business continues to show its faith in and put its money in Preston with its latest city living project.

Heaton Group secured approval for its Preston Park Hotel revamp in February. The business has already invested heavily in the city, helping spearhead its city living strategy.

Its latest project will see the transformation of the historic hotel building, formerly county council offices, into a 65-bed aparthotel, with plans to build two apartment blocks, with a total of 321 properties nearby.

The plans for the striking building, which has stood empty for some time, also include a ground floor restaurant, co-working space and a gym.

Park Hotel, overlooking Millar Park, has a distinguished past with Queen Victoria among its guests.

The Wigan headquartered Heaton Group has already delivered The Exchange, a 16-storey apartment block, near the Stoneygate development area.

Its first project in Preston city centre was Bishopgate Garden, near Preston’s rejuvenated markets.

The development of 130 residential apartments, with features such as a concierge service, coffee shop, shared work space and onsite retail units, was seen as helping kickstart city living in Preston.

Speaking to Lancashire Business View last year, group managing director John Heaton said: “Preston is undergoing such a transformation at the moment and going from strength to strength, it really is the city to be in, and we’re excited to be part of it.”

He added: “Place, communities and people are important to us. We don’t see buildings just as units where people live or work. To us it’s where people create their homes and their communities.”

Enjoyed this? Read more from Ged Henderson

Latest news

1

New India branch campus on the horizon for Lancaster University Keir Starmer meets Indian PM and included Prof Simon Guy Lancaster University. Pic Simon Dawson

New India branch campus on the horizon for Lancaster University

09 Oct 2025

2

Best events and talented students complete finalists list for Lancashire Tourism Awards 2026 Best Events and Talented students on Lancashire Tourism Awards finalist list

Best events and talented students complete finalists list for Lancashire Tourism Awards 2026

09 Oct 2025

3

East Lancashire Learning Group named UK digital transformation leader in CIO 100 Awards Andrew Dewhurst with the award win

East Lancashire Learning Group named UK digital transformation leader in CIO 100 Awards

09 Oct 2025

4

PHX Training appoints new business leader in Blackpool Jason Davenport PHX Training

PHX Training appoints new business leader in Blackpool

09 Oct 2025

5

Velocity seals Airbus extension worth up to $54m Velocity Composites Has Announced Its Entry Into The Us Market

Velocity seals Airbus extension worth up to $54m

08 Oct 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Help to grow management course
Help to grow - barriers to growth.png.png
LBV Hub Seminars
26 Sep 2025 - 16 Dec 2025

Help to grow management course

Preston Campus , Preston , PR1 2HE

09:00 - 15:00

Advantage: AI – A Workshop for Business Leaders – Oct 10th
Ai 10.10.png.png
LBV Hub Seminars
10 Oct 2025 - 10 Oct 2025

Advantage: AI – A Workshop for Business Leaders – Oct 10th

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

09:00 - 12:00

The New Employee Rights Landscape: Day One Compliance Essentials
EventBrite NORi - 15th Oct 2025 Webinar.png.png
LBV Hub Webinar
15 Oct 2025 - 15 Oct 2025

The New Employee Rights Landscape: Day One Compliance Essentials

Microsoft Teams, Microsoft Teams, PR253XH

13:30 - 15:00

Unlocking major project opportunities in the North West
Lancs-cham-logo.jpg.jpg
LBV Hub Seminars
15 Oct 2025 - 15 Oct 2025

Unlocking major project opportunities in the North West

Strathmore Hotel, Morecambe, LA4 5AP

08:00 - 10:00

The Autumn Re set - pour me a wine
LBV Advert_Autumn Reset 1200 x 630px.png.png
LBV Hub Networking
16 Oct 2025 - 16 Oct 2025

The Autumn Re set - pour me a wine

The Artistry House , Preston , PR1 3JJ

17:30 - 19:30

The Business Network Central & East Lancashire
LBV Header (26).png.png
LBV Hub Networking
16 Oct 2025 - 16 Oct 2025

The Business Network Central & East Lancashire

Stanley House, Blackburn, BB2 7NP

11:30 - 14:15

October Freelancer Meet-Up
LBV Hub Networking
16 Oct 2025 - 16 Oct 2025

October Freelancer Meet-Up

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

HR Essentials for pubs, bars and licensed venues
EventBrite NORi - 22nd Oct Webinar.png.png
LBV Hub Webinar
22 Oct 2025 - 22 Oct 2025

HR Essentials for pubs, bars and licensed venues

Online - Teams, Leyland, PR253XH

13:30 - 15:00

RISE - Lancashire's unique leadership programme for women
thumbnail_Emma Weston Illustration WENDY BOWERS RISE Illustrstion.jpg.jpg
LBV Hub Seminars
22 Oct 2025 - 18 Mar 2026

RISE - Lancashire's unique leadership programme for women

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:30 - 15:30

Women scaling up Blackpool Fylde and Wyre
LBV Hub Seminars
22 Oct 2025 - 09 Jan 2026

Women scaling up Blackpool Fylde and Wyre

The Small Business Academy, Blackpool, FY4 5JX

09:30 - 15:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV124 Online Graphic
Subscribe now

Weekly news bulletin