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Home/Fiera, Danescroft purchase site for residential development

Fiera, Danescroft purchase site for residential development

The proposed scheme will comprise a new residential development of 160 new homes

Fiera Real Estate (FRE UK) and Danescroft have acquired the freehold interest in a 16 acre site in Willingdon, East Sussex in excess of GBP4 million.

The site is situated in Willingdon, 0.5 miles to the south of the town of Polegate and was purchased on behalf of Fiera Real Estate Opportunity Fund V UK (FREOF V UK), the latest fund in Fiera Real Estate’s programmatic venture series with CBRE Global Investment Partners (CBRE GIP).

Fiera Real Estate's UK division is a real estate investment management company, which creates and manages core assets for investors, while Danescroft acquires and develops residential and mixed-use properties.

FREOF V UK is targeting GBP250 million of value add and opportunistic transactions and FRE UK are actively seeking similar opportunities in the GBP5-GBP25 million range.

FRE UK and Danescroft intend to submit a residential planning application on this site which is allocated in the local plan and which will help alleviate the significant shortfall in housing in the area. It is proposed that the scheme will comprise a new residential development of around 160 new homes alongside a new medical centre.

James Trelfa, Director Danescroft, says: We look forward to working closely with the local council and other stakeholders to bring forward our plans to deliver high quality new homes and a medical centre in Willingdon.

The site is typical of that which Danescroft & Fiera bring forward together and we are actively seeking similar opportunities, he added.

Chris Button, Fund Manager of Fiera Real Estate, says: We are delighted with completing the purchase of this allocated site and look forward to working with the Local Authority to bring forward an exciting and much needed residential development.