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PRESTON REVIEW

As a key regional city, Preston will become the 3rd City of the North West alongside Liverpool and Manchester by 2012.

City status in 2002 was a significant achievement for Preston that recognised its long history, diverse community, sub-regional importance and the Council's ambitious future plans. It also means that Preston's national and international profile was raised - increasing the city's potential to attract further investment and jobs.

Preston is already on the threshold of major regeneration activity and a masterplan has been drawn up that outlines a 1.8 billion programme of investment to transform the city into a major player in the North West economy.
Location

Preston has always had an enviable location and is strategically placed at the very heart of Lancashire's business and transport networks. The city lies at the lowest bridging point of the River Ribble and is the commercial and administrative centre of the County, with Lancashire County Council headquarters, a modern crown courts complex and a wide range of regional and sub-regional offices of public agencies, banks, insurance and other professional bodies. The campus of the University of Central Lancashire is located immediately adjacent to the city centre, with over 35,000 students and strong links to local industry and commerce.

At a sub-regional level, Preston is a key partner in the Lancashire Economic Partnership, which has been formed to foster closer collaboration between local authorities, the private sector and other local economic development organisations. The principal aim of the partnership is to promote the economic development and regeneration of the area and work alongside the North West Development Agency to ensure economic, social and environmental priorities are addressed.
Economy

Preston's locational advantages have helped it to adapt and diversify it's employment structure from a traditional manufacturing base in textiles and engineering - although British Aerospace Defence continues to employ in excess of 10,000 staff in the sub-region. Recent investment includes two state-of-the-art communication centres (by Homeserve and Carphone Warehouse, who are both UK leaders in their fields) and a regional HQ and distribution centre by W H Booths supermarket chain on a strategic site next to the M6. Lancashire County Council have also recently opened 'The Red Rose Hub' contact and conference centre in the same location and local firm,James Hall & Co, are proposing to relocate into a 30 million modern distribution centre on 18 hectares of adjacent land.

Riversway Docklands has also expanded its mix of redevelopment uses, including further quality office units and a planned 25m development of high class offices and luxury apartments on the last key waterfront site at the dock entrance. The 650 million Riverworks programme is designed to improve areas around the River Ribble, Riverway Docklands and the Lancaster Canal. The plans include a river barrage, the creation of a new central park, a new canal link and investment in the tourism potential of the Docklands area.

Communications

Large distributive centres have become well established around Preston, taking advantage of the town's excellent communication links via the M6, M61 (Manchester) M55 (Blackpool), and M65 (East Lancashire) motorways.

The M6 around Preston consists eight lanes and junction 31a provides direct road links to strategic employment sites east of the motorway. The extension of the M65 to link with the M6 and M61 south of Preston, has completed a local high speed road network allowing access to all parts of the North West and beyond.

Preston is a principal station on the West Coast Main Line from London to Glasgow. Railtrack and Virgin Rail (the operator for the Inter City West Coast franchise) have embarked upon multi-million pound investment to improve the line's infrastructure, systems, stations and tiling train technology was introduced in 2004 to significantly reduce journey times.

City Centre

Preston city centre is an expanding sub-regional shopping centre, serving a hinterland with a population of around 450,000. Pedestrianisation and CCTV schemes, plus private sector investments, have dramatically enhanced the city's shopping provision over recent years - including the 25 million extension of St George's Shopping Centre and extensive refurbishment of the Fishergate Centre. The Fishergate Centre has also had 37 million expansion plans approved to create 'FC2' - these include a new four storey department store and retail units adding 180,000 sq ft; to the centre, together with 330 extra parking spaces and potentially 300 new jobs.

However, it is the proposed 450 million Tithebarn Project which will dramatically extend the size and nature of Preston's retail offer and also provide redevelopment opportunities for office, commercial, leisure, cultural and residential uses adjacent to the city centre. A development agreement has now been signed between the City Council and Grosvenor Ltd - the Duke of Westminster's investment company - which aims for completion of the scheme by 2012.

Allied to this, the Council's masterplan also includes the designation of a commercial quarter in the City centre to create high quality office space for new and expanding businesses.