Eutopia expands with £70m Network Rail scheme
Eutopia Homes has acquired land in Gloucestershire from Network Rail for a £70m residential scheme.
The deal is the developer’s fifth to be funded by Chenavari Investment Managers.
Eutopia has bought the site next to Gloucester City train station. The land has a draft allocation for a minimum of 300 homes in the Gloucester Local plan.
Eutopia Homes has acquired land in Gloucestershire from Network Rail for a £70m residential scheme.
The deal is the developer’s fifth to be funded by Chenavari Investment Managers.
Eutopia has bought the site next to Gloucester City train station. The land has a draft allocation for a minimum of 300 homes in the Gloucester Local plan.
Eutopia aims to bring forward proposals early next year for a mixture of single family homes and flats for rent.
The acquisition is the third from Network Rail, following deals for Exmouth Junction in Exeter, a chunk of which was sold to Grainger, and a site in Birmingham which has been forward funded by Macquarie Capital’s BTR platform Goodstone Living.
Eutopia Homes was launched by Scott Hammond in 2017 and has since secured a £365m pipeline of mid-market homes for rent and sale in core regional cities.
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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