Moda strikes £215m PRS deal in Edinburgh
Moda Living in joint venture with Apache Capital will start construction on a £215m housing development in Edinburgh before the end of 2017.
Moda and Apache have bought a site in the Fountainbridge area from Grosvenor Britain & Ireland. The deal includes 46 private rented houses that are already there; Moda and Apache will now build another 525, continuing the regeneration of this part of central Edinburgh.
The JV will design, build, and manage the new build-to-rent homes alongside the existing homes under the Moda brand.
Designed by CDA architects, the new housing will sit alongside 25,000 sq ft of new build commercial space consisting of shops, bars and restaurants.
Moda aims to be on-site by end of year, with first phase completed by end of 2019 and all phases complete by end of 2022. The site already comprises 250 completed homes, including homes for sale, affordable housing for the frail and elderly, serviced apartments and two student residences providing accommodation for more than 600 students – as well as the 46 PRS homes now transferring to Moda.
The scheme will be Moda & Apache’s second in Scotland, having purchased the former Strathclyde Police headquarters in Glasgow in October 2016, with a view to deliver the city’s first homes purpose-built for rent. That £115m redevelopment will see the complex transformed into 400 apartments.
Elsewhere, the JV’s flagship £155m Angel Gardens scheme in Manchester started on site in January 2017. It was granted planning for an £85m Liverpool waterfront development, The Lexington, in September 2016. And there are also plans for a £172m scheme on Broad Street, Birmingham.
Moda Living managing director Tony Brooks said: “To work with Grosvenor, one of the world’s oldest and most prestigious property companies, has been fantastic for us and the work they have done to produce an innovative build to rent scheme set within exemplar public realm matches our own vision of delivering high-quality housing in city centre locations across the United Kingdom. We look forward to continued co-operation as we deliver Edinburgh city centre’s largest scheme of homes for rent.”
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This article was published on 3 Mar 2017 (last updated on 3 Mar 2017).