A Nottingham-based developer has acquired the former Wilko store building in Friargate, Preston, with plans to underpin the area’s continued transformation.
Friargate is one of Preston city centre’s busiest shopping streets and is currently undergoing a major upgrade, with pedestrianisation works underway.
Now, ALB Group, a residential and commercial development company specialising in regeneration work, has bought the former Wilko store at 162-165 Friargate, opposite St George’s Shopping Centre for an undisclosed sum.
Arran Bailey, managing director of ALB Group, said: “Preston city centre is continuing to be transformed, and we want to be a part of that process.
“Our purchase of the former Wilko building, which has been empty for some considerable time, will be the first step in the process. We anticipate the building will be let to a new tenant by Christmas.”
The building spans 50,568 sq. ft (4,698 sq. m) over five floors, including basement space, ground-floor retail space available to occupy immediately, and three upper floors that could eventually provide residential accommodation, subject to planning.
It stands alongside retailers and food outlets including Iceland, Greggs and Caffe Nero.
Arran said: “Having a unit this large sitting empty has a hugely negative effect on a town. Letting it again will be good for footfall, nearby retailers and the wider high street.
“Preston city centre has so much going for it including the entertainment and leisure complex Animate on Market Street, and a thriving university with thousands of students looking to make Preston their home. It makes sense to provide good quality city centre living space as well.”
Improvement to this area of the city began in 2023 with the north section of the street undergoing pedestrianisation work. Now, Friargate south is set to mirror the improvements. It will result in a seamless link for pedestrians and cyclists from the university to the city centre.
Councillor Valerie Wise, Deputy Leader and Cabinet Member for Community Wealth Building and City Regeneration at Preston City Council said: “Upgrades to this part of the city are much needed to bring it line with other parts of the city including Fishergate and Friargate North that have already been modernised and transformed.
“The detailed phasing of the works has been planned with businesses and traders in mind to keep ‘business as usual’ a priority throughout the works and we ask everyone to please bear with us whilst we improve what is a very busy retail and visitor destination in the city.”
Tim Lloyd, director at commercial property agents Cited, will be handling the letting for the building. He said: “The building has a large footplate which would suit a variety of occupiers.
“The improvements that are already underway for Friargate South, alongside ALB’s history of investing quickly to make the unit ready for a new retailer will make this a very desirable building, which I think will let quickly. We already have some discussions underway.”
The acquisition is the latest addition to ALB Group’s growing portfolio of regeneration and investment projects across the UK, as it continues to identify opportunities to unlock the potential of prominent town and city centre sites.
