Fiera Real Estate are pleased to announce the purchase of a 0.7 acre site on Heyrod Street, Manchester for £6 million alongside Packaged Living, the Pan-UK Build to Rent developer and operator. This purchase is one of a number of acquisitions that make up the first close of Fiera Real Estate Opportunity Fund V UK (“FREOF V UK”), the latest fund in Fiera Real Estate’s programmatic venture series with CBRE Global Investment Partners (“CBRE GIP”). FREOF V UK is targeting £250m of value add and opportunistic real estate transactions in the UK.
Manchester is the second largest city in the UK and is the fastest growing British economy outside London, making it a hotspot for new developments. The site is easily accessible being located only 5 minutes north-east of Piccadilly station, which saw over 27 million entries and exits throughout 2017-18 alone, according to ORR’s most recent study. The site on Heyrod Street also benefits from being within the Manchester Piccadilly Strategic Regeneration Framework, which places it in a key, up-and-coming location in the city.
The business plan is for Packaged Living to develop a purpose-designed BTR scheme delivering c.350 rental homes with a mix of studio, 1, 2 and 3 beds. The site will also benefit from retail/amenity space and a new public square, as well as a car park. Packaged Living are hoping to submit for planning later in 2020 and to start build-out next year.
Chris Button, Head of Value Add REIM at Fiera Real Estate commented:
“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.”
Ed Ellerington, Joint Managing Director of Packaged Living commented:
“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”