Aberdeen Asset Management has completed the purchase of the five acre site in Bath which will pave the way for a £100m residential-led scheme.
The fund manager has acquired the former Bath Press in the city centre from Meyer Homes for its residential opportunity fund.
The Collado Collins-designed scheme will see 244 apartments and houses built at the site as well as 16,000 sq ft of flexible business space.
Ed Crockett, head of UK residential at Aberdeen said: “The Bath Press site provides us with an excellent opportunity to deliver a scheme of scale and quality in the under supplied and highly sought after central Bath residential market. This is the second UK asset acquired by this pan-European fund which continues to seek further opportunities to regenerate tired or redundant commercial buildings into much needed residential accommodation.”
Aberdeen has appointed Sculpture Real Estate as development manager for the delivery of the scheme. Demolition of the existing buildings is expected to start imminently with construction expected to start early next year.
Rosebrook Property Investment Consultancy represented Aberdeen and Savills represented the vendor.