£70m regeneration plans move forward for Preston’s former Park Hotel

A major regeneration scheme centred around Preston’s long-vacant former Park Hotel is moving forward after securing £8.6m in funding support from Homes England.

The funding has been awarded through the government’s Building Infrastructure and Land Fund (BIL Fund) and will help unlock the wider £70m redevelopment project being delivered by Heaton Group.

The former hotel building, which has remained vacant since 2011, is set to undergo a major transformation combining heritage refurbishment with new-build residential development.

Project overview

The regeneration proposals include:

• conversion of the former Park Hotel into a 92-bedroom apart-hotel

• construction of 239 Build-to-Rent apartments

• heritage refurbishment works

• new-build residential development

• public realm and placemaking improvements

  
  

The scheme forms part of Preston’s wider city centre regeneration and City Living Strategy, with the site occupying a prominent gateway location overlooking two Grade II-listed parks close to the West Coast Main Line corridor.

Regeneration and delivery partners

The funding bid and project progression have involved collaboration between:

• Preston City Council

• Homes England

• Hive Land and Planning

• Heaton Group

  
  

Heaton Group recently acquired the site and has previously delivered schemes within Preston including The Exchange development on Pole Street.

The Build-to-Rent element of the scheme is expected to be operated by a future residential operator yet to be announced.

ConstructNet Intelligence Overview

The project represents a significant mixed-use regeneration and Build-to-Rent opportunity within the North West residential and hospitality sectors.

Projects of this scale and complexity are typically expected to generate phased opportunities across:

• demolition and enabling works

• heritage and structural refurbishment

• RC frame and residential construction

• MEP infrastructure

• façade and roofing systems

• fit-out and interiors

• hospitality and apart-hotel packages

• landscaping and external works

• low-carbon and sustainability-led construction solutions

  
  

The combination of heritage retrofit alongside new-build BtR delivery also reflects continued momentum within city centre regeneration and adaptive reuse projects across regional UK markets.

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This ConstructNet intelligence brief is based on publicly available regeneration and development information and ConstructNet analysis. It is provided for business development and market awareness purposes only and does not constitute professional, financial, procurement or legal advice. Users should independently verify all project and procurement information before taking action.