UK fund manager Aberdeen Asset Management has purchased a site in Bath from local developer Meyer Homes to build a £100 mln (€120 mln) residential scheme.
The two-hectare site, home to the former Bath Press printing services firm, will be transformed into 244 homes, plus a small amount of commercial space and car parking. The investment is on behalf of Aberdeen AM's residential opportunity fund.
'The Bath Press site provides us with an excellent opportunity to deliver a scheme of scale and quality in the under supplied and highly sought after central Bath residential market,' commented Ed Crockett, head of UK residential at Aberdeen AM.
'This is the second UK asset acquired by this pan-European fund which continues to seek further opportunities to regenerate tired or redundant commercial buildings into much needed residential accommodation,' Crockett said.
Aberdeen AM, which has appointed Sculpture Real Estate as development manager, is expected to commence demolition immediately, with construction starting next year.
Rosebrook Property Investment Consultancy represented Aberdeen AM, while Meyer Homes was represented by Savills.
