Preston is a place that plans far into the future to secure its prosperity and long-term growth. Nothing sums up this approach better than the £434m Preston, South Ribble and Lancashire City Deal, a 10-year plan that is upgrading transport infrastructure, creating new jobs and transforming Preston and its surrounding region.
The county of Lancashire – of which Preston is the heart – currently has an annual economic output of £23bn, supporting more than 620,000 jobs and 45,000 businesses. This makes it a key economic area for the UK as a whole, and it will only become more so as Preston’s City Deal comes to fruition.
By the time this 10-year plan is complete in 2026, it is estimated that the City Deal will have achieved the following in Preston:
- More than 20,000 new private sector jobs
- An estimated £1bn of extra annual economic output
- More than 17,000 new homes
- £2.3bn in leveraged commercial investment
The scheme – run by The Lancashire Enterprise Partnership, Lancashire County Council, Preston City Council and South Ribble Borough Council – will unlock Preston’s incredible potential. To deliver the outcomes set out in the document the City Deal partners will:
- Establish an Infrastructure Delivery Programme and Investment Fund, which together are worth £434m.
- The £334m City Deal Infrastructure Delivery Programme is providing critical infrastructure and will allow the full development of significant commercial development and housing schemes. This includes four major highway schemes (worth £72m) and the necessary local community infrastructure, including schools and health facilities, which is needed to support development on this scale.
- The City Deal Investment Fund consists of a £100m local allocation from the Lancashire Pension Fund, to be co-invested on a commercial basis in housing and development schemes. This £100m fund is a new venture for the Lancashire Pension Fund and, combined with the City Deal Infrastructure Delivery Programme and Investment Fund, will act as a catalyst for commercial and housing development. It is anticipated this fund will leverage £2.3bn of commercial investment through the construction of thousands of new homes and the delivery of nearly 1,000,000 sqm of new commercial floor space by 2026.
The City Deal is an ambitious landmark for Preston which will make the city into one of the most productive and exciting places in the UK by removing barriers to growth and commercial development.
However, it is only one part of the overall picture for Preston – significant investments in the University of Central Lancashire and the upcoming HS2 high speed railway development promise even more for the future.
This is the perfect time to invest in Preston and get ahead of the game. The city is on a steep upward trajectory and there are exciting times ahead. Get in touch with our team today to find out more >>
