Agent chosen for £18m Friargate development in Preston

The Manchester office of commercial property firm Lambert Smith Hampton (LSH) has been chosen as the agent on the retail aspect of Portergate Developments’ £18m Friargate project in Preston.

Following its appointment, LSH will begin marketing the mixed-use scheme’s 6,000 sq ft of retail space, which can be split into three units ranging from 750 sq ft to 4,000 sq ft.

The space is located beneath the 244-bedroom residential block that will provide hotel-style accommodation for students and employees of businesses based in the new Enterprise Zone.

Phase one of the Friargate project, delivered by Preston building firm Eric Wright Group, is due for completion at some point later this year.

LSH’s Manchester-based associate director, Gareth Hine, said: “The new development sits in a prime position on one of Preston’s busiest thoroughfares between the University Quarter and the city centre.

“The area is beginning to be transformed at Portergate’s development is playing a key role in the regeneration of this historic part of the city.”

He continued: “The University of Central Lancashire has committed an investment of £200m towards the development of the Adelphi Square campus.

“Their vision over the next 10 years is to create a ‘unified, sustainable and welcoming campus which will enhance the experience for all those visiting the university,’ seamlessly integrating with the rest of the City. Friargate is set to really benefit from that project.”

Space within the retail zone will be available to let later in 2016.

Portergate chairman Anthony Jackson commented: “Lambert Smith Hampton has a wealth of experience in the retail sector and we look forward working with them to attract quality operators who will really add something to Friargate.

“The fact the units sit underneath what will be a new community for Friargate also make them an attractive proposition to retailers.”

He added: “We look forward to them attracting a lot of interest.”

Earlier this year, Portergate was given the go-head to deliver the £9m second phase of Riverside House, an apartment complex in Salford.