Cubex seeks £65m for Bristol BTR scheme

Bristol developer Cubex and investment manager Palmer Capital are seeking £65m for their build-to-rent development at the former Avon & Somerset Fire and Rescue HQ at Finzels Reach. The duo have instructed Knight Frank to secure forward funding for the 231-home rental scheme at Millwrights Place, which is currently pending planning consent. The residential portion has been designed by Assael Architects and the build-to-rent element is being sold with an expected net initial yield of 4%. Cubex acquired the former fire station site from Avon Fire Authority in June last year for £18m, in a sale revealed by EG. The acquisition was backed by Palmer Capital Development Fund IV, a joint venture between CBRE Global Investors and Palmer Capital, forming the second phase of its £275m Finzels Reach regeneration. Cubex submitted plans for a £162m mixed-use scheme in March, with revisions to the plans made at the end of July. Proposals comprise 297 apartments, with 231 private homes and a further 66 affordable homes in a separate building that will be sold to a registered provider. The affordable homes at Coopers Court include 40 social rent homes and 20 shared ownership homes. The development also includes a 116,000 sq ft office designed by Bush Consultancy. Bids closed at the end of June and a preferred bidder will be chosen this summer. Contractors will be appointed imminently and the scheme is expected to go to planning committee in the autumn, with construction to commence shortly after. Finzels Reach is a 1m sq ft development spanning six acres in Bristol city centre. The first phase covers 4.7 acres and includes the 194-home scheme forward funded by Grainger and due to launch this year. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette