Build-to-rent developer and operator Packaged Living and Fiera Real Estate have bought a site in Manchester for a new BTR development.
The 0.7-acre site, bought for £6m, is earmarked for a Packaged Living scheme containing around 350 BTR apartments in a mix of studio, one and two bed homes.
The development will also include retail and amenity space, a new public square and a car park.
Packaged Living intends to apply for planning permission later this year and start construction in 2021.
The acquisition was made with Fiera Real Estate Opportunity Fund V UK, the latest fund in Fiera’s ventures with CBRE Global Investment Partners. The fund is targeting £250m of value-add deals in the UK.
“We are delighted to be a part of the regeneration of Manchester Piccadilly and bring much needed rental housing to the city. We are actively seeking similar sites in major urban locations,” said Chris Button, head of value add REIM at Fiera Real Estate.
Ed Ellerington, joint managing director of Packaged Living, added: “Heyrod is one of a number of build to rent schemes that Packaged Living is delivering across the country and represents a fantastic opportunity to create next generation homes developed by an experienced developer operator”