Residential developer acquires site in central Bath for buy to rent scheme

Property firm CBRE has advised residential developer HUB and Bridges Fund Management on the acquisition of a 4.5-acre brownfield site in central Bath to develop a BTR scheme.

The plans are based on a housing led scheme made up of private by to rent dwellings, affordable homes, commercial provision and improved public spaces.

The development will use on-site renewable energy and whole life-cycle carbon assessments during its construction.

Capitalising on what is one of a limited number of development opportunities CBRE introduced the site to HUB, working to secure the opportunity in an off-market transaction.

James Blundell, director in CBRE’s Midlands & South Development team, said: “This site presents an exceptional opportunity to deliver high quality mixed-use regeneration, including well-managed rental accommodation in Bath, where, like many cities around the UK, there remains a significant shortage of housing available to rent.

“With its close proximity to Green Park station and quality amenity provision within the city centre we anticipate very strong demand for quality accommodation in this location.”

Phil Schmid, director in the operational real estate team added “The acquisition of this site is testament to the joined up approach across our business to identify opportunities regardless of sector.

“Our in depth understanding, at a regional level, of clients’ requirements enables us to unlock sites that have to date proved elusive and we look forward to working on this site going forwards.”

The deal is part of HUB’s growing residential portfolio across the UK, taking it to 4,000 homes.

Tom Starkey, senior acquisitions manager added: “We are delighted to have worked with CBRE to identify, introduce and acquire this exciting project.

“Their understanding of our requirements and support in completing the transaction has been invaluable and we look forward to delivering the much needed regeneration of this site.”