Fiera Real Estate and Packaged Living acquire a site to develop a new BTR scheme in Manchester
Fiera Real Estate have announced the purchase of a 0.7 acre site on Heyrod Street, Manchester for £6 million alongside Packaged Living, the Pan-UK Build to Rent developer and operator. This purchase is one of a number of acquisitions that make up the first close of Fiera Real Estate Opportunity Fund V UK (“FREOF V UK”), the latest fund in Fiera Real Estate’s programmatic venture series with CBRE Global Investment Partners (“CBRE GIP”). FREOF V UK is targeting £250m of value add and opportunistic real estate transactions in the UK.
Manchester is the second largest city in the UK and is the fastest growing British economy outside London, making it a hotspot for new developments. The site is easily accessible being located only 5 minutes north-east of Piccadilly station, which saw over 27 million entries and exits throughout 2017-18 alone, according to ORR’s most recent study. The site on Heyrod Street also benefits from being within the Manchester Piccadilly Strategic Regeneration Framework, which places it in a key, up-and-coming location in the city …