Ashurst advises CDLHT on first move into Build-to-Rent sector in the UK

Pursuant to the land purchase agreement, CDLHT has acquired certain land and buildings in Manchester, from Packaged Living (FREOF V Heyrod) LLP ("Packaged Living"), for a consideration of £9.5 million. In connection with the land acquisition and under a development funding agreement, Packaged Living will redevelop the land into a residential BTR building to be known as “The Castings”, for a price of £63.8 million.

The freehold 352-unit BTR block, located in Piccadilly East, a developing neighbourhood close to Manchester Piccadilly Station, will comprise a mix of studios, one, two and three bedroom units, with a total residential floor area of approximately 219,600 sq ft. The Castings will also comprise internal and external common amenity spaces, which may include a gym, a cinema, resident lounge areas, a roof terrace and ground floor retail spaces (subject to design and changes), spanning approximately 17,300 sq ft. In addition, there will also be 20 car parking spaces and approximately 350 bicycle storage spaces.

The Ashurst team was led by real estate partner Melanie Jordan, assisted by senior associate Chloe Marshall and associate Emma Potter. Partner Ben Patton and senior associate Lauren Morrison advised on construction matters and senior associate Ben Groves advised on planning matters. Tax advice was provided by partner Simon Swann and senior associate Sara Mardell.