Eutopia Homes has reportedly acquired an eight-acre site in Gloucester, the UK from Network Rail for a new £70m residential-led regeneration project.
The deal marks the company’s third site purchase from Network Rail after the transactions in Exeter.
The developer plans to construct up to 300 homes in a mix of single-family homes on the site and will bring proposals for the project in early next year.
The new homes will be constructed adjacent to the Gloucester City train station.
Asset management firm Chenavari Investment Managers has provided funds for the land deal, which marks the fifth transaction for Eutopia Homes.
Eutopia Homes CEO and founder Scott Hammond said: “Recent investment by the University of Gloucester for the acquisition of the old Debenhams store for a new campus, along with the city council’s recent investment in driving a new cyber hub for the UK in close proximity to Gloucester Council’s HQ, will bring more employment to the city, which in turn will drive up the demand for high-quality housing.”
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In March this year, Eutopia Homes secured approval from Housing secretary Robert Jenrick for its £130m mixed-use scheme, named Camp Hill, in Digbeth, Birmingham.
The new project will be built on a four-acre site near Digbeth. The site was acquired by the company along with its investment partner Chenavari Investment Managers in 2018 from Mucklow.
It will be constructed in seven blocks ranging from three to 26-storeys in height.
Camp Hill will include a mixture of one-, two- and three-bedroom apartments, an eight-storey, 167-bed hotel and about 16,000ft2 of affordable commercial space.
Eutopia Homes plans to build up to 300 homes in a mix of single-family homes. Credit: analogicus from Pixabay.