UK: Developer Fernbrook has acquired a 44-unit aparthotel project from Fiera Real Estate (FRE UK).
The sale is FRE’s final land divestment at the Aubrey Place site in central Milton Keynes,
FRE UK acquired the freehold of the land from Homes England in 2017 and had since worked with a number of stakeholders to overcome development constraints. This included seeking a planning consent for a 294 unit build-to-rent (BTR) residential apartment scheme, a 44-unit aparthotel and a 210-room hotel.
The latest sale marks the end of its work to enable the regeneration of 1.8 acres of land, which had previously laid vacant for well over a decade. Once completed the developments are set to have an end value approaching £100 million.
Invesco is currently funding the BTR block in collaboration with specialist developer Packaged Living while Vastint is also on site constructing the 210 bedroom hotel, which will be operated under the Moxy brand. Fernbrook has now acquired the aparthotel, the last element of the scheme.
Steven Wright, director at Fiera Real Estate, said: “We are delighted to have enabled development to a site that has been blighted for over a decade. The investment to the area will be a material benefit to the Milton Keynes economy and will deliver much needed bed space to the central location.”
Knight Frank acted for FRE for the built to rent, LSH for the hotel and Christie & Co for the apartment hotel sale.
