Fiera Real Estate has purchased a 0.7-acre site on Heyrod Street in Manchester for £6m along with Build to Rent developer and operator, Packaged Living. This is one of several acquisitions that make up the first close of Fiera Real Estate Opportunity Fund, the latest fund in their venture series with CBRE Global Investment Partners.
“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.”Ed Ellerington, Joint Managing Director, Packaged Living
Packaged Living will develop the Build to Rent scheme in Manchester – a hotspot for new developments and the second largest city in the UK with the fastest growing British economy outside of London. The scheme is located five minutes North East of Piccadilly train station, which saw over 27m travellers enter and exit the station during 2017 and 2018.
“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.”Chris Button, Head of Value Add REIM, Fiera Real Estate
The Build to Rent scheme will benefit from being within Manchester Piccadilly’s Strategic Regeneration Framework – so it’s well placed in an up and coming part of the city. The scheme will deliver 350 homes and will include a mix of studio and one, two- and three-bedroom apartments. The development will have amenity and retail space, a new public square and car park.
Packaged Living aim to submit planning later this year for development to start next year.