Contractor starts work on stalled Preston student scheme
By Bridging Loan Directory -
Marcus Worthington & Co has begun work on a £4.5m student accommodation scheme in Preston that had stalled after its previous contractor hit financial difficulties last month according to BusinessDesk.com.
The scheme on Walker St is in the heart of Preston’s student quarter consists of 174 student properties being built next to the University of Central Lancashire’s central Preston campus.
Student properties were previously being built on the site by Ice Blue Developments, but work stopped last month after the company hit financial trouble.
The site is owned by Walker Street Investments LP, which is a partnership between a pension fund held by property developer Philip Hughes and Cosmopolitan Student Homes.
Marcus Worthington & Co is the contracting arm of student property specialist Marcus Worthington Group, which is currently developing two major schemes in Manchester – the 614 bed Ducie Court student village and a 416 bedroom scheme at Moss Lane East.
The student scheme being developed at Water St is fully funded by Walker Street Investments. The properties being built will contain double bedrooms with ensuite bathrooms as standard, as well as spacious shared lounge and kitchen areas with modern built-in kitchen appliances.
The project is set to complete by the third quarter of 2012, with students able to move in for the new academic year.
Marcus Worthington & Co director Russell Worthington said: “This scheme is another important contribution to Preston’s continued regeneration and adds to the city’s growing reputation as a vibrant university city.”