Brownfield developer Eutopia Homes has acquired an 8-acre brownfield site in central Gloucester for a £70m residential-led regeneration project.
Eutopia Homes is planning on bringing forward proposals early next year for up to 300 homes in a mix of single-family homes for rent, alongside city centre flats adjacent to Gloucester City train station.
The deal is the third Eutopia Homes has made with Network Rail, following previous transactions for Exmouth Junction in Exeter.
Scott Hammond, founder and CEO at Eutopia Homes, said:“We are excited to bring forward this complicated brownfield site for a new balanced community of homes for sale and rent.
“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.”
Chenavari Investment Managers funded the land deal, which is the fifth for Eutopia Homes.