A joint venture between Fiera Real Estate and build-to-rent developer Packaged Living has bought a plot at Manchester’s Heyrod Street for £6m, to create 350 apartments.
A planning application for the 0.7-acre site, which falls within the Manchester Piccadilly Strategic Regeneration Framework, will be submitted later this year, the two parties said, with Packaged Living aiming to start the project in 2021.
Under the plans, Packaged Living aims to develop a mix of studio, one-, two-, and three-bedroom apartments, with retail and amenity space, a public square and car park.
Fiera Real Estate is a property investment management firm that creates and manages assets for investors. It directly manages more than £870m of assets across the UK.
The Heyrod Street purchase is among several acquisitions that make up the first round of Fiera’s Real Estate Opportunity Fund V, which launched in November and is the latest in the investment manager’s fund series with CBRE Global Investment Partners. The closed-ended fund targets £250m of real estate transactions in the UK over the next six years.
A spokesperson for Fiera said that Packaged Living co-invested in the Heyrod Street acquisition alongside Fiera, but they did not disclose the amounts committed by each party. Packaged Living will act as development manager for the project.
Ed Ellerington, joint managing director of Packaged Living, said: “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.”
Chris Button, head of value and real estate investment management at Fiera Real Estate, added: “We are happy to be a part of the regeneration of Manchester Piccadilly and…are actively seeking similar sites in major urban locations.”
London-headquartered Packaged Living has a development pipeline of more than 1,000 homes across the UK.