Eutopia Homes will build on former Network Rail site in Central Gloucester as part of a £70 million residential regeneration project
The acquisition marks the third purchase the company has made from Network Rail, following previous transactions in Exeter.
Eutopia Homes plan to put forward proposals next year for a mixture of single-family homes for rental and city centre apartments.
The development site was funded by Chenavari Investment Managers, marking Eutopia Homes’ fifth unconditional transaction with the company.
Housing designed for a growing workforce
The draft states that the project will build a minimum of 300-homes on the urban brownfield site adjacent to Gloucester City train station.
The scheme has been built with the city workforce in mind and aims to offer housing that is well designed, high quality, and accessibly priced.
Launched by Scott Hammond in 2017, Eutopia Homes has since secured a £365 million pipeline of mid-market homes for rent and sale on well-connected sites in core regional cities.
Scott Hammond, founder and CEO at Eutopia Homes, said: “We are excited to bring forward this complicated brownfield site for a new balanced community of homes for sale and rent.
“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.”
Cristian Postans, managing director at Chenavari Investment Managers, added:
“We are delighted to be supporting Eutopia Homes on the Gloucester deal. The UK multifamily sector is a key area of focus for Chenavari and, together with best-in-class investment partners like Eutopia Homes, we continue to back deals with strong underlying fundamentals in locations with favourable supply and demand dynamics such as Gloucester.”
