Packaged Living has acquired a 1.23-acre multi-storey car park site in the centre of Milton Keynes as part of its BTR JV with Affinius Capital.
The JV purchased the site for an undisclosed fee from Milton Keynes City Council and Milton Keynes Development Partnership (MKDP). In the next few months the JV partners intend to submit a planning application for a BTR scheme offering more than 250 units.
Ed Ellerington, founder and chief executive of Packaged Living, said: “This purchase is Packaged Living’s second scheme in Milton Keynes and follows The Almere an award-winning development which completed in 2022. Milton Keynes is a dynamic expanding city which requires best in class homes to attract its growing professional workforce. We are delighted to acquire the site in partnership with Affinius Capital and look forward to working with MKDP and MKCC to create another exemplar building in the city.”
Karen Martinus, director of Affinius Capital Europe, added: “We maintain our conviction towards the UK’s BtR market, which remains underpinned by population growth, decreasing household size and a greater propensity to rent. We are delighted to acquire this site in Milton Keynes which is strategically located within the Oxford-Cambridge Arc, a region identified as being of global importance for innovation and business activity. We look forward to continuing to work with Packaged Living to deliver best-in-class BTR assets in the UK.”
