1221 Friargate, 162-165 Friargate, Preston, PR1 2EJ
1221 Friargate
Design-led apartments on one of Preston’s oldest and busiest streets
1- & 2-bedroom apartments
Projected yields up to 7.5%
Friargate, Preston city centre
An Overview of 1221 Friargate, Preston City Centre
1221 Friargate is a collection of 27 apartments for sale in Preston city centre, set on Friargate, one of the oldest and busiest streets in the city. Friargate takes its name from the Franciscan friary of the Grey Friars, founded here in 1221, and that history gives the development its name. The apartments occupy the upper floors of the building, above ground-floor retail, on the pedestrianised stretch of Friargate directly opposite St George's Shopping Centre.
Developed by Prosperity Group and designed by architects Leonard Design, the scheme is made up of 22 one-bedroom and 5 two-bedroom apartments, ranging from 528 sq. ft. to 1,060 sq. ft. Each apartment has an integrated kitchen with oven, ceramic hob, extractor and fridge-freezer, a contemporary bathroom with a sliding-door shower and electric towel rail, and carpeted bedrooms. Residents also have lift access, secure cycle storage and a shared amenity space on the second floor.
The location is a big part of the appeal. Preston Markets, Fishergate and the Animate leisure quarter are all within a few minutes' walk; the University of Lancashire campus is around 10 minutes away, and Preston Station is about 12 minutes on foot, with direct trains to Manchester, Liverpool, Birmingham and London Euston. That central position puts 1221 Friargate in front of a steady pool of tenants, from students and graduates to young professionals who want to live close to work and the city's growing food and leisure scene.
For investors, the numbers are just as strong. One-bedroom apartments start from £139,995 and two-bedroom apartments from £159,995, with projected gross yields of 6.9% and 7.5% and zero ground rent. Savills forecasts 23.4% house price growth over the five years to 2031, so buying at today's prices gives you both rental income and room for capital growth. A flexible payment plan spreads 25% of the purchase price across 18 monthly payments, making it easier to secure an apartment ahead of completion.
Whether this is your first buy-to-let or the next addition to your portfolio, our team can help at every stage. Book a free consultation to talk through availability and returns, use our property investment calculators to run the numbers, or read our guide to buying off-plan property. We can also arrange buy-to-let mortgage advice and furniture packs to get your apartment ready for tenants.
Key Details
- 27 apartments across two residential floors above ground floor retail
- 22 one-bedroom and 5 two-bedroom apartments
- One-bedroom apartments from £139,995
- Two-bedroom apartments from £159,995
- Projected gross yields of 6.9% on one-beds and 7.5% on two-beds
- Estimated rental income of £800 pcm for one-beds and £1,000 pcm for two-beds
- Apartments from 528 sq. ft. – 1,060 sq. ft
- Zero ground rent
- Flexible payment plan with 25% of the price spread over 18 monthly payments
- Residents’ amenity space, lift access and secure cycle storage
- Developed by Prosperity Group, designed by Leonard Design
- On pedestrianised Friargate, opposite St George’s Shopping Centre
Living At
1221 Friargate, Preston
Take A Look Inside 1221 Friargate, Preston
The Apartments
1 Bedroom Apartments
Please be aware that prices displayed for 1-bedroom units at 1221 Friargate may reflect the lowest entry point available at the time of release. Availability and pricing are subject to change, and units at these prices may no longer be available.
2 Bedroom Apartments
Please be aware that prices displayed for 2-bedroom units at 1221 Friargate may reflect the lowest entry point available at the time of release. Availability and pricing are subject to change, and units at these prices may no longer be available.
Watch 1221 Friargate
Explore 1221 Friargate, Preston
Take a closer look at 1221 Friargate, a collection of 27 apartments on one of Preston’s most historic streets. The video shows the apartment interiors and the development’s position on pedestrianised Friargate, a few minutes from Preston Markets, Fishergate and the University of Lancashire. With one-bedroom apartments from £139,995 and projected yields of up to 7.5%, it’s an affordable way into the Preston buy-to-let market.
On the Map
1221 Friargate, Friargate
▸ St George’s Shopping Centre – directly opposite
▸ Preston Markets – approx. 3 minutes walk
▸ Fishergate shopping street – approx. 5 minutes walk
▸ Flag Market and the Harris Museum – approx. 5 minutes walk
▸ Animate leisure quarter (Arc Cinema, Hollywood Bowl) – approx. 5 minutes walk
▸ University of Lancashire campus – approx. 10 minutes walk
▸ Preston Railway Station – approx. 12 minutes walk
▸ Avenham and Miller Parks – approx. 15 minutes walk
▸ M6, M55 and M65 motorways – approx. 15 minutes by car
Why Choose 1221 Friargate
1221 Friargate
Market Summary
Preston offers something that's getting harder to find in the North West: city centre property at a genuinely low entry price, with strong rental demand behind it. Average prices sit well below the UK average, yet the city has seen steady year-on-year growth. Savills forecasts cumulative house price growth of 23.4% over the five years to 2031.
Preston's population of around 164,500 is projected to grow by 23.7% between 2022 and 2047 according to Lancashire County Council, and the local economy generates around £4.5bn a year. For investors, that combination of affordability, population growth and a city centre on the up makes Preston one of the more compelling markets outside the big cities.
Yields
Lower purchase prices mean rental income goes further in Preston, and yields here regularly outperform larger neighbouring cities. The University of Lancashire brings more than 28,000 students to the city, and a growing number of graduates choose to stay and work locally, keeping demand for quality city centre apartments high.
At 1221 Friargate, projected gross yields start at 6.9% on one-bedroom apartments and reach 7.5% on two-bedroom apartments, with estimated rents of £800 and £1,000 per month. Zero ground rent helps keep running costs down.
Regeneration
- Friargate: The pedestrianised streetscape has turned Friargate into one of Preston's liveliest streets, lined with independent cafés, bars, restaurants and live music venues running from University Square into the heart of the city.
- Preston Markets and Animate: The restored Preston Markets and the Animate leisure quarter, home to Arc Cinema and Hollywood Bowl, have brought new life to the city centre just minutes from 1221 Friargate.
- Central Lancashire City Deal: Over £434m has been committed to infrastructure through the City Deal, supporting new homes, jobs and transport improvements across the city.
- Stoneygate: The 25-hectare Stoneygate masterplan is set to bring new homes, workspace and public space to the south-east of the city centre, part of a wider push to create thousands of new jobs and homes.
Connectivity
- Rail: Preston Station is on the West Coast Main Line, with direct trains to London Euston in around two hours and 10 minutes, and to Manchester, Liverpool and Birmingham.
- Road: The M6, M55, M61 and M65 all meet around Preston, giving quick access to Manchester, Liverpool and the rest of the North West.
- On foot: Friargate puts the shops, markets, university campus and Fishergate within a few minutes walk.
- Coast and countryside: Blackpool, Lytham St Annes and the Lancashire coast are easy to reach, and the 21-mile Guild Wheel cycle route circles the city.
Areas Overview
- Friargate and the University Quarter (PR1): Preston's historic high street, now pedestrianised and full of independent businesses, with strong demand from students and graduates.
- Fishergate (PR1): The city's main shopping street, linking the train station to the city centre.
- Markets Quarter (PR1): Home to Preston Markets and the Animate leisure scheme, and a growing evening economy.
- Avenham (PR1): A green, residential area next to the Grade II* listed Avenham and Miller Parks and the River Ribble.
- Preston Docks (PR2): A waterfront marina with restaurants, retail and modern homes, around 10 minutes from the city centre by car.
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Frequently Asked Questions
1221 Friargate is at 162-165 Friargate, Preston, PR1 2EJ, on the pedestrianised part of Friargate opposite St George’s Shopping Centre. Preston Markets, Fishergate and the University of Lancashire are all within a short walk, and Preston Station is around 12 minutes away on foot.
Friargate is one of Preston’s oldest streets and takes its name from the Franciscan friary of the Grey Friars, which was founded in 1221.
There are 27 apartments: 22 one-bedroom and 5 two-bedroom. One-bedroom apartments range from 528 sq. ft. to 721 sq. ft, and two-bedroom apartments from 686 sq. ft. to 1,060 sq. ft.
One-bedroom apartments start from £139,995 and two-bedroom apartments from £159,995.
Projected gross yields are 6.9% on one-bedroom apartments and 7.5% on two-bedroom apartments, based on estimated rents of £800 and £1,000 per month.
A 10% reservation deposit secures your apartment. A further 25% of the price is then spread across 18 monthly payments, with the remaining balance due on completion.
The estimated service charge is £1,000 a year for one-bedroom apartments and £1,200 a year for two-bedroom apartments. There is no ground rent.
1221 Friargate is being developed by Prosperity Group, an award-winning Midlands developer, with designs by architects Leonard Design.
Preston combines low entry prices with strong rental demand from students, graduates and young professionals. Its population is projected to grow by 23.7% between 2022 and 2047, and Savills forecasts 23.4% house price growth over the five years to 2031.
Historic Friargate
1221 Friargate on One of Preston’s Oldest Streets
Friargate has been part of Preston since the 13th century, when the Grey Friars founded their friary here. Today it’s one of the city’s busiest streets, recently pedestrianised and lined with independent cafés, restaurants, bars and shops. It runs from University Square right into the city centre, and sits opposite St George’s Shopping Centre, a few minutes from Preston Markets and Fishergate.
For investors, that location matters. Friargate is the main route between the University of Lancashire and the city centre, so tenant demand comes from students, graduates staying on in the city and young professionals who want to live close to work and leisure. A central address like this helps keep void periods short and rents steady.
City Centre Regeneration
A City Centre on the Rise
Preston city centre has changed a lot in recent years. The restored Preston Markets and the Animate leisure quarter, with Arc Cinema and Hollywood Bowl, have brought more people into the centre in the evenings. Further investment through the Central Lancashire City Deal and the Stoneygate masterplan is set to add thousands of new homes and jobs.
For buy-to-let investors, regeneration like this tends to lift both rents and capital values over time. Buying at 1221 Friargate from £139,995 means getting in at today’s prices in a city centre that is still improving.