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The UK arm of Canadian investor Fiera Real Estate has launched its BTR operation in Manchester, as the city's build-to-rent sector wakes from a yearlong slowdown.
Fiera Real Estate’s UK arm, formerly Palmer Capital, has teamed up with Packaged Living to acquire a site to develop the 350-unit scheme at Heyrod Street, Manchester M1.
The site is part of the Piccadilly area, regarded as one of a handful of key expansion areas for the city centre, an expansion that could include up to 12M SF of commerical floorspace and 18,000 new apartments.
This includes the area immediately around Manchester Piccadilly railway station, which is zoned for 3M SF of offices and 500K SF of retail, leisure and amenity space, along with 4,900 new homes. The Portugal Street area, immediately next door, is zoned for 8.7M SF of commercial floorspace and 13,000 new apartments.
3M SF of offices and 500K SF of retail, leisure and amenity space, along with 4,900 new homes.Read more at: https://www.bisnow.com/manchester/news/neighborhood/hs2-piccadilly-85722?utm_source=CopyShare&utm_medium=Browser3M SF of offices and 500K SF of retail, leisure and amenity space, along with 4,900 new homes.
Read more at: https://www.bisnow.com/manchester/news/neighborhood/hs2-piccadilly-85722?utm_source=CopyShare&utm_medium=Browser
Fiera acquired the 0.7-acre site for £6M, an indication that there is no serious slackening of growth in Manchester land prices.
The purchase is one of a number of acquisitions made for Fiera Real Estate’s £250M Opportunity Fund V UK, the latest fund in Fiera Real Estate’s venture with CBRE Global Investment Partners.
The business plan is for Packaged Living to develop a purpose-designed BTR scheme delivering c.350 flats. Packaged Living is hoping to submit an application for planning permission later in 2020 and to start construction next year.
Fiera said it is actively seeking similar sites in major urban locations.
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