Aberdeen Asset Management has bought the five-acre former Bath Press site in central Bath for its residential opportunity fund.
The purchase from Meyer Homes will unlock a £100m Collado Collins-designed scheme of 244 flats and houses, 16,000 sq ft of offices and 204 car parking spaces.
The development will retain the historic façade and chimney.
Aberdeen has appointed Sculpture Real Estate as development manager. Demolition of the existing buildings is expected to start imminently, with construction expected to start early next year.
Ed Crockett, head of UK residential at Aberdeen, said: “The Bath Press site provides us with an excellent opportunity to deliver a scheme of scale and quality in the under-supplied and highly sought-after central Bath residential market. This is the second UK asset acquired by this pan-European fund, which continues to seek further opportunities to regenerate tired or redundant commercial buildings into much needed residential accommodation.”
Jonathan Meier, director at Sculpture Real Estate, said: “With the backing of Aberdeen we will be redeveloping this significant historic site that has stood derelict for over 10 years. The history of the site and the city will come through in the quality of the finished product and will further regenerate this area of Bath.”
Rosebrook Property Investment Consultancy represented Aberdeen; Savills represented the vendor.
