An off-market opportunity to acquire a recently completed 122-unit freehold residential investment on a prominent island site in Preston city centre — combining substantial day-one income, break-up potential, and a separately consented development site in a single transaction. Formerly a landmark commercial building, the asset has undergone an extensive circa £10M conversion into a large-scale, modern, rental-led residential scheme extending to approximately 89,000 sq ft across ground and 11 upper floors. The Asset 122 self-contained apartments — 92 x one-bed, 30 x two-bed Held freehold Comprehensive resident amenities — residents' lounge and co-working, cinema room, fully equipped gym, and roof terrace garden Gated on-site parking for 20+ vehicles Income Current residential income: circa £1,622,000 pa, split between a corporate lease to a national housing provider and private ASTs Separate car park income: circa £35,000 pa Combined income: circa £1,657,000 pa Additional Development Angle A separate leasehold pay-and-display car park (directly across the road) is included in the sale It benefits from outline planning permission for 218 residential units in a single block — a consented development opportunity acquired alongside the income-producing asset The Opportunity Estimated break-up value of the completed block: £21M-£23M Guided at an estimated 10-20% discount to break-up value City-centre location within walking distance of the main university, railway station, and bus station A rare, multi-faceted play — established scale income, break-up upside, and additional consented development in one acquisition Further details, full tenancy schedule, and pricing available under NDA.