MCR Property Group has acquired Block 3 of Bristol’s Parkview Campus to convert into 162 new homes.
Located on Whitchurch Lane to the south of the city centre, Parkview Campus comprises 250,000 sq. ft. of office space that was once home to the former headquarters of supermarket chain, Somerfield.
MCR Property Group, which has offices in Manchester, London and Birmingham, purchased Block 3 for £8million.
Part three and four storeys, the building comes with permitted development rights to be converted into residential apartments.
MCR Property Group intends to build 162 one and two-bedroom apartments to meet demand for residential homes in the area.
Parkview Campus is undergoing significant transformation and is reported to be the largest permitted development project in the UK. Alongside a mixture of residential, the immediate surroundings have seen significant investment in recent years, including offices, light industrial units, a healthcare centre, South Bristol Community Hospital, and a cinema.
The site has excellent transport links, with key motorways, rail stations and Bristol International Airport in close proximity. Hengrove Mounds nature reserve is in walking distance of the development, offering prospective residents easy access to open green space.
This acquisition adds to the company’s national pipeline of 14,000 equating to £2.9billion GDV. Parkview Campus is the group’s second development in Bristol, with Trelawney House – 37 apartments on Surrey Street in the city centre – developed and sold in 2017.
Harry Ladds, asset manager at MCR Property Group, said: “Bristol is a metropolitan hub of thriving residential and business communities. Parkview is a key site, served by excellent transport links into the city centre and surrounding areas, including Bath, Oxford and London, which are reachable by train in under two hours.
“We aim to transform this acquisition into high-quality apartments that meet rising demand from first time buyers and young professionals. When complete, Parkview will be the cornerstone for residential development in the area.”
Apr 11th, 2019