Plans for a new rental housing development in central Milton Keynes are due to be submitted in the next few months.
The derelict Milton Keynes Theatre multi-storey car park site has been purchased with the aim of building a build-to-rent development with over 250 units.
Packaged Living has announced it completed on a land acquisition as part of its BtR joint venture (JV) with Affinius Capital, a planning application is set to be submitted in the coming months.
The site is the subject of a planning-led development brief adopted by the Council.
Ed Ellerington, Founder and Chief Executive of Packaged Living, commented, “This purchase is Packaged Living’s second scheme in Milton Keynes and follows The Almere an award-winning development which completed in 2022.
"Milton Keynes is a dynamic expanding city which requires best in class homes to attract its growing professional workforce. We are delighted to acquire the site in partnership with Affinius Capital and look forward to working with MKDP and MKCC to create another exemplar building in the city.”
Karen Martinus, Director of Affinius Capital Europe, commented “We maintain our conviction towards the UK’s BtR market, which remains underpinned by population growth, decreasing household size and a greater propensity to rent.
"We are delighted to acquire this site in Milton Keynes which is strategically located within the Oxford-Cambridge Arc, a region identified as being of global importance for innovation and business activity. We look forward to continuing to work with Packaged Living to deliver best-in-class BtR assets in the UK.”
