The building was acquired by the developer with initial planning already in place for 15 studios.
However, as the company was not satisfied with the quality of the homes originally intended, FCD’s co-founders, Sean Elliott and Tony Houlihan, decided to plan for the build of an additional floor, as well as reduce the number of units from 15 to eight.
The new scheme will offer a range of one- and two-bedroom apartments, with the top floor to be converted into a luxury penthouse.
The block will also benefit from additional amenities and outside space, such as balconies and terraces.
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The developer said it had many exit strategies available and aimed to complete the project and welcome the first residents by the end of this year.
Sean said: “Working with local authorities is a key part of our business, and we approach this with a desire to improve the communities we operate in.
“We have found working with Preston City Council to be a pleasure and thank them for taking the time to share their vision with us.
“The planning team has a proactive, collaborative approach, which is not only refreshing but results in projects that work for all the stakeholders involved — including the local area, eventual residents, and our shareholders.”
FCD is actively seeking more opportunities in Preston and the surrounding area this year.