Investors act fast to resurrect stalled Preston student scheme

Work has restarted on the 218-bedroom redevelopment of Innovation House on Sizer Street after a group of the project’s original investors, faced with losing a combined £10m in deposits, acquired the site.

Ladson Group’s Preston student development, branded as the Printworks, stalled last year and was placed into receivership by lender UK Bridge Loans.

The site was put up for auction and, despite not registering the highest bid, the investor group was able to secure the site thanks to a section 5 notice – a legal mechanism that can give leaseholders first refusal on a scheme, providing they can stump up the cash.

“When the receiver put the property up for sale at auction, we knew we had to act quickly and decisively,” said Alex Enache, one of the investors who has led efforts to save the Printworks project.

“We managed to convince the receiver to serve us a section 5 notice, which was a critical move that gave us the leverage we needed to stay in the game.

“On auction day, we faced intense competition and did not initially place the highest bid. However, thanks to the section 5 notice, we were able to match the highest bid and secure the property.”

Having acquired the site, the investor group – Sizer Street Student Accommodation – has appointed Abode Contracting to complete the project.

The development comprises the construction of two blocks following the demolition of the former Innovation House, close to the UCLan campus.

The larger of the two fronts Ashmoor Street and comprises 136 studios across four storeys. The second block, five storeys tall, would feature 84 studios.

Enache said the scheme is “progressing smoothly”.

“We anticipate completion by August 2025, perfectly timed for the new intake of students at UCLaN. The new student accommodation will now be named Sizer Court.”