Palmer Capital and Packaged Living receive planning for a £75m / 294 rental apartment homes on mixed use site in Milton Keynes
Packaged Living, the Palmer Capital backed build to rent developer has received planning for the development of 294 apartments at Avebury Boulevard and South Fifth Street.
Palmer Capital has owned the freehold of the site since December 2017 and the long leasehold for a number of years prior to that. Following this it has sought permission for a vibrant mixed use development comprising of a 200+ bedroom Moxy branded hotel (which is due to start on site shortly), residential, apartment hotel and other commercial uses totalling c. £100 million of investment once delivered.
The recent planning permission would be the largest build to rent scheme to be brought forward in Milton Keynes and includes significant resident amenity areas , commercial and flexible community space. It is expected to appeal to residents who are working within Central Milton Keynes employment area or those who are commuting from the mainline railway station. In addition, the permission also includes a 44 bed aparthotel and car parking.
Situated adjacent to the Hub, the scheme will provide high quality homes consisting of 134 one bedrooms, 123 two bedrooms and 8 three bedroom apartments purposely designed for the rental market.
The building will also include a community space which will encourage engagement with the local community through art installations and other events. In addition, there is also a roof top amenity / terrace area accessible by the residents to provide interaction and activity within the building.
Steven Wright, Director at Palmer Capital said:
“We are delighted to have made a substantial investment into Milton Keynes which will deliver much needed residential accommodation to the City centre and contribute towards creating a vibrant and engaging community who will become a real asset to the City”
Ed Ellerington, Managing Director of Packaged Living said;
“Aubrey Place represents the first of a number of new and exciting homes to be enabled by Packaged Living. The homes we are seeking to build will transform the way we view renting in the UK and create mutually beneficial links between residents and their local communities. Milton Keynes is one of the fastest growing cities in the UK with a real eye to the future and it is a perfect fit for exciting and innovative developments such as Aubrey Place.”