The company will renovate Crystal House, which was once voted by the local population the building they would most like to see demolished.

The 1960s office block will be revamped and turned into a mixed use building creating 48 apartments over the top eight floors, with the lower three floors remaining as occupied retail units.

This refurbishment contract was awarded through Pickard Finlason Partnership by Altius (Preston) and is due to be completed by June 2008. This is the second project that Gleeson Building has negotiated through Pickard Finlason.

Martin Smout, chairman and chief executive of Gleeson Building, said: “This refurbishment will not only improve the appearance of one of Preston’s less popular buildings, but it will create some much needed housing as the city seeks to become the third major economic area in the region.”