Packaged Living and Fiera Real Estate UK announce the acquisition of a 0.5-acre site in Bournemouth – with a c.£70m GDV – from Telereal Trillium. The site was purchased through the Fiera Real Estate Opportunity Fund V UK (FREOF V UK), the latest fund in Fiera Real Estate UK’s programmatic venture series with CBRE Global Investment Management. This is the 12th acquisition for the Fund and brings the total amount committed to over £110m.
“We are really pleased to have secured another key acquisition for FREOF V in partnership with Packaged Living. We are delighted to be delivering much needed housing to Bournemouth whilst playing our part in the city’s regeneration programme. We are actively seeking similar sites in major urban locations.”Chris Button, Value Add Fund Manager, Fiera Real Estate
The scheme will deliver a 21 storey development with 252 new homes – a mix of one, two and three bedroom apartments and 56 resident car parking spaces. With wellbeing an integral factor in all Packaged Living schemes, residents will benefit from excellent local amenities providing them with sustainable, urban living, as well as being able to reach the sea front and beach within 10 minutes’ walk of the scheme.
The scheme – at 35 Holdenhurst Road – is also in a prime location and is 600m from the train station which benefits from excellent transport – with direct trains into London within 2 hours, and is four miles from Bournemouth Airport.
The site’s existing five storey office building was built in the 1980’s and has been vacant for over a year. The business plan is to achieve planning and develop a Build to Rent scheme which will help towards the large undersupply of purpose built Build to Rent developments in the city.
“Bournemouth is a highly attractive town for a Build to Rent product and is currently undersupplied in terms of quality rental homes. This is the fourth scheme we have partnered with Fiera Real Estate on and will be brought forward in much the same way as our other schemes in Manchester, Cardiff and Southampton with sustainable quality at the heart of what we do.”Ed Ellerington, Founder and Managing Director, Packaged Living
Throughout all the design stages, environmental considerations have also been embedded. The scheme will target low carbon construction targets and select low embodied carbon in specified building targets. The ground floor commercial unit will also be targeting BREEAM Excellent.
“We are delighted to conclude the sale of Telecom House and believe the proposed redevelopment plans to be brought forward by Fiera Real Estate and Packaged Living will continue to enhance the regeneration of Holdenhurst Road. We look forward to seeing the scheme come to fruition.”Murray Burdis, Senior Disposals Manager, Telereal Trillium