Two major redevelopment schemes planned for Preston city centre have collapsed.

Urban Village planned for land between Church Street and Queen Street and the Lofthaus – due to be Preston’s tallest building – on the site of the current Forrester’s Hall – are both being handed back by the developer.

Belgravia, who relaunched both schemes earlier this year, has told Place North West both developments were no longer viable.

Read more: Five years on from the Stoneygate Masterplan and whether it will ever fix Church Street

Christopher Howell, head of family for the developers, said rising build costs and high interest rates had left the schemes with a £24m black hole to bridge. Belgravia said they had bought both sites in a multi-million pound deal last Autumn.

The Urban Village scheme, which is a key site in the wider Stoneygate Masterplan for the Church Street area, would have seen 469 apartments built.

On the site of the former Dryden Mill the plans for what was previously known as Stoneygate Central the £6.3m site was given planning permission in April last year.

Work had been due to start in the first quarter of this year but it has remained a surface-level car park ever since.

Lofthaus – a 70-metre tower with 300 apartments – had been resubmitted to planners in March this year to add an extra level to the building.

It has been in the works for seven years but has also now been shelved by the Belgravia group.

Read more: See the latest Preston redevelopment news

Both schemes are seen as pivotal to proposals for more people to live in the city centre – as indicated in Preston City Council’s City Living Strategy and its recently launched Preston 2035 plan.

David Cox Architects, who worked on the designs for the schemes, told Blog Preston: “The consultant team was first rate and everything was on track. We really hoped that it would be the project which led the way on the city’s Stoneygate Village and that Lofthaus would become the city’s first properly tall building.

“We still believe that the city has a huge amount to offer developers but the climate internationally is unstable and it is a difficult time to bring people on board with schemes which are pioneering in any way.

“For Preston, the time is here and now!”

Blog Preston has approached Belgravia group for further comment and Preston City Council for comment regarding its city centre redevelopment plans.

Subscribe: Keep in touch directly with the latest headlines from Blog Preston, join our WhatsApp channel and subscribe for our twice-a-week email newsletter. Both free and direct to your phone and inbox.

Read more: See the latest Preston news and headlines