Economic regeneration

Preston is on the threshold of major regeneration activity and a master-plan 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. Its role is now firmly recognised at county and regional level, where the Regional Economic Strategy acknowledges the city as a key driver of city-regional growth.

Regeneration priorities

The City Council is actively engaged with local strategic partners to drive the development and delivery of Preston’s ‘Third City Vision’. This includes key projects such as:

• Delivery of a 21st Century Central Business District in the city centre, which will provide over 135,000 sq m of new office floor space, enabling the continued expansion of the important business services sector.
• Proposals, totalling £800 million, to regenerate under-utilised waterways and make better use of the river, canal and former docklands.
• Green City Spaces – enhancement of city centre parks and open spaces.
• Improved accessibility to the city centre - especially from the motorway network and across the river - by use of traffic management improvements, Park and Ride facilities, highway improvements and enhanced bus services.
• Sustainable urban transport improvements in the city centre, such as the EU funded CIVITAS project.

Contact Preston Vision website or ring 01772 903606

To find out more about investment opportunities in Preston and what the city can offer your business, log on to our dedicated website Preston: New City, New Opportunities

Strategic context

The following strategic documents will frame the future development of Preston:

Preston Economic Regeneration Strategy – 2005

The purpose of the Strategy is to provide the overarching vision which will guide the future transformation of the City. It also gives the context in which a detailed Prioritised Project Action Plan has been developed. Both Strategy and Action Plan have been defined with the specific purpose of moving Preston towards its 3rd city in the North West vision and to increase it’s standing as a competitive European city.

Lancashire Economic Strategy (LES)

The strategy represents an important vision for the future of the sub-region and has been adopted by the Lancashire Economic Partnership - the strategic body established to promote economic growth and prosperity throughout Lancashire. The partnership represents a wide cross-section of interests including local government, the private sector, voluntary and community groups.

The purpose of the Strategy is to provide a co-ordinated approach to the development of the sub regional economy as a whole, identifying those programmes and projects that are of at least sub-regional significance and hence form the agreed partnership priorities. It also provides a coherent framework for the delivery of the Regional Economic Strategy in Lancashire.

Central Lancashire City Region Development Programme (CRDP) - 2006

The CRDP has been prepared in the context of other key strategies affecting Lancashire’s economic future. It deals with transformational change in economic performance over a fifteen year period, based on a realistic assessment of the City Region, its economic geography, unique characteristics , areas of need and latent potential.