Packaged Living and Bridges partner to acquire Norman Place BTR

The Norman Place Build to Rent development is situated in the heart of Reading and has been acquired by Packaged Living and Bridges Fund Management.

The Norman Place Build to Rent site in Reading to be acquired by Packaged Living and Bridges Fund Management | BTR News
The Norman Place Build to Rent site in Reading to be acquired by Packaged Living and Bridges Fund Management.

Rental living specialist Packaged Living and specialist sustainable and impact investor Bridges Fund Management have recently announced a new partnership to acquire the Norman Place Build to Rent scheme in Reading. The partnership was advised by Hollis Hockley, Shoosmiths and Knight Frank.

With the partnership, the companies plan to rejuvenate the site which currently houses an obsolete 1990s office building and car park to create a vibrant waterfront scheme containing 234 institutional homes to rent.    

“We are delighted to have partnered with Bridges to redevelop this dilapidated and obsolete office building into an institutional grade Build to Rent scheme, which in turn will encourage more young professionals into the town supporting its economic growth. Reading has seen unparalleled growth over the past few years, with surging demand for new good quality homes and a limited supply within the town centre. Norman Place, located on the waterfront with vistas over Christchurch Meadows, is a fantastic canvas to create a standout place for people to live close to local employment and the wider amenities of the town.”

Ed Ellerington, Founder and CEO, Packaged Living

Located just north of Reading city centre, within the inner ring road nearby local transport links, Norman Place will provide a large secure bike hub with repair facilities on site and will link the scheme onto the wider Thames towpath that runs in front of the building.

Environmental and social values will be the focus of the building’s design, with the incorporation of sustainable materials to reduce embodied carbon and a focus on residents’ wellbeing through social amenity spaces.

“Over the last decade, Bridges has developed an extensive track record of collaborating with expert partners to deliver high quality, highly sustainable homes in urban areas where there is a clear and pressing need for more housing. So, we’re delighted to partner with Packaged Living. They share our commitment to achieving positive social and environmental outcomes, and we are confident that together, we will be able to deliver a best-in-class Build to Rent scheme that will be a real asset to the local community in Reading.”

Simon Ringer, Partner & Head of Property Funds, Bridges Fund Management

Residents living at Norman Place will benefit from being within a five-minute walk away from the town centre and a two-minute walk from the rail station, with fast links via both overground rail and Elizabeth Line tube to London Paddington (27 mins), London Bond Street (35 mins) and Heathrow Airport (48 mins).

Reading town centre and the wider conurbation have experienced a significant increase in population over the past decade, which has made it an attractive Build to Rent investment both in terms of investor and rental demand.