Derelict to Destination: Commercial bridging loan supports Preston hotel regeneration.

Once an iconic landmark a short walk from Preston city centre, the last 15 years had not been kind to the former Park Hotel. Vacant since 2011, the historic Grade II listed building had fallen into disrepair.

Now, experienced developers Heaton Group are set to breathe new life into the site, welcoming guests back through the doors for the first time in over 70 years.

Here’s how Together supported their ambitious plans with a bridging loan, enabling the purchase of the property and surrounding land from the council and paving the way for a major regeneration project.

The project

Preston is a city experiencing its own revival, seeing major transformation projects across the city centre. The large scale investment has put the city back on the regional map, recently beating both Manchester and Liverpool in the Good Growth for Cities Index 2025 and drawing attention from investors and developers.

Heaton Group’s Farington Square redevelopment will focus on the transformation of the main hotel building, used most recently as council offices before being abandoned in 2011, back into a 92-room hospitality hot spot, complete with a gym, spa and restaurant.

Concept images of The Farington Hotel

The solution

Having worked with Heaton Group on numerous projects across the North West, including supporting the stunning Cotton Works regeneration in Wigan, we were delighted to continue the partnership with the commercial bridging loan required to buy the property.

Ritchie Watson, Corporate Sales Director for the North West at Together, said: "This is an exciting opportunity to bring one of Preston’s most iconic buildings back to life. Our finance has enabled the Heaton Group to secure the site and begin the journey of transforming it into a vibrant destination that will benefit the city for generations to come."

Concept image of Farington Square

The result

With the stunning building and surrounding land secured, phase one of the project will focus on preventing any further deterioration of the site by making the property watertight. Further works are planned for early 2026 before the grand reopening of the newly titled Farington Hotel.

John Heaton, Managing Director at Heaton Group, told us: "The Park Hotel is a cornerstone of Preston’s heritage. We’re proud to be delivering a scheme that combines regeneration, hospitality and housing.

Together’s support has been crucial in making this acquisition possible and having a long term partnership with Together has meant we have been able to move quickly and begin bringing a very special piece of history back to life.”

At Together, we specialise in supporting developers with ambitious and often complex urban regeneration projects, with a range of flexible funding products to suit your project’s needs.

Speak to one of our expert team to see how we can help you turn Britain’s forgotten buildings back into thriving, productive properties.