HUB and Bridges acquire Bath site for BTR-led scheme

Acquiring a disused site nearby Bath city centre, HUB and Bridges Fund Management have plans to create a new Build to Rent development in the area.

Western Riverside of HUB and Bridges Fund Management's recently acquired site in Bath | BTR News
Western Riverside of HUB and Bridges Fund Management's recently acquired site in Bath. © Craig Auckland and Fotohaus ltd

Developer HUB and specialist sustainable and impact investor Bridges Fund Management acquire a vacant 4.5 acre brownfield site in Bath for £18.5m. CBRE advised HUB and Bridges Fund Management on the acquisition and Knight Frank advised the seller.

Plans include transforming the site into a Build to Rent-led scheme, which would be the final piece in the wider regeneration of the Bath Western Riverside enterprise area.

The redevelopment of the site will deliver a significant number of Build to Rent and affordable homes – as well as commercial spaces. It will also include improved public realm, creating a new mixed-use asset for the city. With four Build to Rent schemes currently in Bath, the proposals will respond to growing and unmet renter demand in the area.

Minimising environmental impact with a highly efficient energy strategy targeting EPC A, onsite renewables, and full whole life-cycle carbon assessment throughout the development process is a major focus for the development.

“Bath has a demonstrated need for high quality, professionally managed rental homes and this site provides an exciting opportunity to deliver these. HUB creates next generation Build to Rent communities which bring value to existing residents, improving the wider neighbourhoods and cities they’re located in. Together with Bridges we look forward to delivering this project for Bath and its residents, while bringing new life to the disused site through our first investment in the city. We will be developing designs in collaboration with the local community to ensure we deliver according to their needs and will be exploring opportunities for meanwhile use of the site in the coming months.”

Damien Sharkey, Managing Director (MD), HUB

Located near the River Avon, the site is an eight-minute walk from central Bath, with Bath Spa Station 17-minutes away, and Oldfield Park station 13-minutes away.

Bath has become a desirable location for renters, fed in part by the local university, strong graduate retention, its proximity to Bristol and excellent transport connections to London.

“We know from our previous developments with HUB that there is a strong unmet demand for high-quality, sustainably built living space in our major cities. We are looking forward to bringing this vacant site in Bath back into use, and working with the local community to design attractive, sustainable homes – in line with Bridges’s continued focus on needs-driven opportunities where there is proven demand from both occupiers and investors for the future-proofed assets that we create.”

Simon Ringer, Head of Property Funds, Bridges Fund Management

Build to Rent continues to demonstrate resilience and ongoing appeal as an investment opportunity. HUB is capitalising on what is one of a limited number of development opportunities in central Bath.

This is HUB’s fourteenth deal in partnership with Bridges Fund Management, with the partnership on course to deliver over 4,000 homes across several living-led developments throughout the UK.

This scheme adds to HUB’s growing pipeline, which will see over 1,000 Build to Rent homes completed across three sites in the next six months.