HUB and Bridges Fund Management have acquired a vacant 4.5-acre brownfield site adjacent to Bath city centre for £18.5m, with a view to transforming it into a high-quality residential-led scheme.
The comprehensive redevelopment of the Bath site, which is the final piece in the wider regeneration of the Bath Western Riverside enterprise area, will deliver a significant number of BTR and affordable homes, alongside commercial spaces and improved public realm.
Damien Sharkey, managing director of HUB, said: “Bath has a demonstrated need for high quality, professionally managed rental homes and this site provides an exciting opportunity to deliver these. HUB creates next generation BTR communities which bring value to existing residents, improving the wider neighbourhoods and cities they’re located in. Together with Bridges we look forward to delivering this project for Bath and its residents, while bringing new life to the disused site through our first investment in the city.
“We will be developing designs in collaboration with the local community to ensure we deliver according to their needs and will be exploring opportunities for meanwhile use of the site in the coming months.”
Simon Ringer, head of property funds at Bridges Fund Management, added: “We know from our previous developments with HUB that there is a strong unmet demand for high-quality, sustainably built living space in our major cities. We are looking forward to bringing this vacant site in Bath back into use, and working with the local community to design attractive, sustainable homes – in line with Bridges’s continued focus on needs-driven opportunities where there is proven demand from both occupiers and investors for the future-proofed assets that we create.“
CBRE advised HUB and Bridges on the acquisition and Knight Frank advised the seller.
