The current shell of what will eventually be Sizer Court Pic: Blog Preston A previously stalled housing development on the edge of the city's university cam
Revealed: The cost of Preston Guild Hall standing empty and the path to re-openingA previously stalled housing development on the edge of the city’s university campus looks set to be finished during the next 12-months.The purpose-built student accommodation, made up of studio apartments, was being built by The Ladson Group but after they fell into financial trouble the investors of the flats rallied together to buy out the block.
Mr Enache said he and his fellow investors were promised a 10 to 15 per cent return but it soon became clear they were never going to see this if the flats were not built. They raised enough money to be able to buy the development and are now working to complete the apartments. He said one of the investors, an 85-year-old woman, had potentially lost her life savings in the scheme but may now get this back due to the group’s actions. She had bought the flats to be able to pass onto her grandchildren after wanting something to invest her money into.
In recent years many developers have been applying to convert the use of many recently built apartment blocks so they can be rented to ‘key workers’ or ‘professionals’ due to the lack of investment in the student accommodation market.
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