Packaged Living and Fiera Real Estate close off 2021 with another prime centre purchase to develop a c.250-unit BtR scheme
Packaged Living and Fiera Real Estate UK (“FRE UK”) are pleased to announce the acquisition from Telereal Trillium of a 0.5-acre site at 35 Holdenhurst Road, Bournemouth with a c.£70m GDV. The business plan is to achieve planning and develop a Build-to-Rent (BtR) 252-unit scheme which will help to answer the large undersupply of purpose built BtR developments in the city.
The site was purchased through the Fiera Real Estate Opportunity Fund V UK (“FREOF V UK”), the latest fund in FRE UK’s programmatic venture series with CBRE Global Investment Management (“CBRE IM”). This is the 12th acquisition for the Fund and brings the total amount committed to over £110m.
The existing 5-storey office building which was built in the 1980’s and has been vacant for over a year, will be developed into 1-bed, 2-bed and 3-bed apartments across a total of 21-storeys. The site will also offer residents 56 car parking spaces.
The site is situated in a prime location in the town centre and is 600m from the train station, which benefits from excellent transport links and provides direct trains to London within 2 hours. The building is also located within 4 miles of Bournemouth Airport.
Wellbeing is an integral factor to all Packaged Living schemes, and residents will not only benefit from excellent local amenities providing them with sustainable, urban living but will also be able to reach the sea front and beach within 10 minutes’ walk of the site.
Environmental considerations have been embedded throughout all stages of the design process for the new scheme which will be targeting low carbon construction targets and selecting low embodied carbon in specified building targets. The ground floor commercial unit will also be targeting BREEAM Excellent.
Ed Ellerington, Founder and Managing Director of Packaged Living, commented “Bournemouth is a highly attractive town for 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
Chris Button, Value Add Fund Manager at Fiera Real Estate commented “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.”
Murray Burdis, Senior Disposals Manager at Telereal Trillium commented “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.”