A plot in Manchester’s sort after Heyrod Street has been bought for £6 million in a joint purchase between Fiera Real Estate and Packaged Living. The 0.7 acres site is set to be turned into 350 apartments and will act as a component of the Piccadilly Strategic Regeneration Framework. This development acts as another exciting project in Manchester’s already thriving property market and means great things for property jobs in Manchester as well. A planning application for the site is due to be submitted later this year and Packaged Living have announced that they aim to start work on the project from next year onwards.
The UK division of international company Fiera Real Estate was founded in 1992 and is part of a global investment management team which manages over $5 billion of commercial real estate and more than £870 million in assets across the UK. The company describes themselves as a ‘vertically integrated business model’ that has ‘created a pan UK platform of partnerships that allows investors to access some of the best deal flow and entrepreneurial managers within the centralised framework provided by Fiera Real Estate.’ The company states that at its heart ‘is a culture of entrepreneurship, innovation, and ownership at every level, with each business unit overseen by a highly incentivised management team.’
Estate will be partnered with Packaged Living, a build-to-rent developer, to
bring the project to life. Packaged Living state that ‘an essential ingredient
in how we operate is to never stop innovating in how we deliver our promise of
Local Living at Its Best’ whilst ‘striving to deliver relevant, effective and
value enhancing solutions’ making them a great choice for this particular
housing project in Manchester.
Packaged Living will act as development manager for the project and aims to create a mix of studio flats, one bedroom, two bedroom and three bedroom apartments alongside retail space, amenity space, a public square and a car park. Joint Managing Director of Packaged Living, Ed Ellerington states that ‘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 developed by an experienced developer operator.’
The Heyrod Street purchase is among several acquisitions that make up the first round of Fiera’s Real Estate Opportunity Fund V which was launched in November last year and the closed-ended fund targets £250 million of real estate transactions in the UK over the next six years. Chris Button, Head of Value and Real Estate Investment Management at Fiera Real Estate states ‘we are delighted to be a part of the regeneration of Manchester Piccadilly and bring much needed rental housing to the city.’ He also added that ‘we are actively seeking similar sites in major urban locations’ which could mean an array of new, exciting property projects across the country very soon.
The Heyrod Street project is another example in a long line of developments that are contributing to a thriving property scene in Manchester. It exposes the interest of huge organisations from around the world and will hopefully encourage more investors to follow suit and delve into Manchester’s property market in the future.
Written by Rachael Gray.
Rachael Gray is a Director at Clifton Gray specialist property recruitment company. Follow Rachael on linkedin or email email@example.com to discuss current Liverpool and Manchester property jobs, or to find out how Clifton Gray can secure the best talent for your property business