Fiera Real Estate and Packaged Living have bought a site in Bournemouth to develop a £70m build-to-rent scheme.
The partners acquired the 0.5-acre site at 25 Holdenhurst Road from Telereal Trillium.
The purchase was made by the Fiera Real Estate Opportunity Fund V UK, the latest fund in Fiera’s programmatic venture series with CBRE IM, bringing total funds committed to more than £110m.
Fiera and Packaged Living aim to bring the site through planning to develop a 252-flat scheme.
The site is located in Bournemouth town centre, 600m from the train station. It currently holds a five-storey office building constructed in the 1980s, which has been vacant for a year.
Ed Ellerington, founder and managing director of Packaged Living, said: “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, added: “We are actively seeking similar sites in major urban locations.”
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