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As the Private Rented Sector (PRS) continues to gain momentum, a new joint venture looks set to become the market leader, as it confirms its ambitious development pipeline.
Moda Living – a partnership between Caddick Developments and Generate Land – is striving to change the face of PRS, by delivering the best-in-class, single landlord, purpose built portfolio across the UK.
With increased constraints on the first time buyer and traditional views on renting changing, more and more are switching to PRS for long-term tenure. Currently there are 3.7 million households in the private rented sector (PRS), which is 17% of all households. What’s more, the rental sector has received renewed support from the Government with the introduction of its PRS taskforce, which in-turn is driving increased demand for rented accommodation that caters for a city-centric lifestyle.
As a result Moda Living is focussed on creating PRS lifestyle developments and putting tenants – its customers – at the heart of the concept. This will enable the company to create living spaces tailored to the needs of the city centre renter.
Since its formation earlier this year, Moda Living has already secured a development pipeline of 2,750 units with completed development value of £580m and is targeting more than 3,000 further units and its portfolio is expected to have an end value of over £1billion.
It will be submitting planning permission shortly for its flagship scheme, Angel Gardens, the major residential component of The Co-operative and Hermes NOMA masterplan, in Manchester City Centre.
Angel Gardens will push the boundaries for purpose built rental accommodation in a location dubbed by JLL as ‘the best residential site in the UK, outside of London’. Its unique design consists of 455 studio, one, two and three bed apartments, set around semi private interactive gardens with an impressive Mies Van Der Rohe inspired 36 storey tower element and co-locating bars, restaurants and retail space.
Angel Gardens will offer its customers a lifestyle choice not currently available in the city. All Moda Living customers will have exclusive use of all amenities within the building, including resident lounges, a state of the art cinema room and business meeting space. Plus there is a rooftop garden complete with BBQ zones, gym and fitness classes, Yoga and the ‘Multi-Moda’ sport court complete with netball, tennis, basketball and football facilities and a comprehensive range of concierge services.
Johnny Caddick, director of Moda Living, comments on his plans for launching the Moda Living portfolio: “The joint venture between Caddick Developments and Generate Land brings together an expert team that has authoritative sector experience in creating mixed-use communities and an excellent track record of delivering quality, award-winning developments.
“Our development pipeline will focus primarily on UK cities which we feel present the greatest opportunities and as such we’re looking to set the benchmark for delivering a residential investment portfolio across the country.
“We’re already turning heads as we have more than 2,750 units under our control and we’re in negotiation on further sites in key regional cities including Birmingham, Leeds, Edinburgh, Bristol, Glasgow and Liverpool.
“We are pleased with the progress we have made and the positive feedback from the local authority and stakeholders on Angel Gardens, which is the first major development for Moda Living.
“We have chosen the NOMA scheme to launch Moda Living as we believe it to be an incredible offering in an unbeatable area of redevelopment and investment in Manchester City Centre. It provides the perfect opportunity to introduce the brand and concept, which we intend to showcase as the benchmark for UK PRS.
“Manchester is the fastest growing population outside London and is expected to significantly grow over the next 10 years in both GDP and Household disposable income terms by 31 % and 29 %, respectively. Moreover, with 28.4 per cent, or 58,000 households in Manchester falling into the private rented sector – often with both poor quality and poorly managed accommodation – the prospects for rental growth, in this city, are substantial.”
A number of regional cities offer similarly solid and attractive renting and growth potential. Liverpool and Leeds have similarly good prospects and, like Manchester, the average spend on rental accommodation in these cities accounts for around 25% of disposable incomes compared to 40 to 45% in many areas of London.
In addition to the Angel Gardens scheme, Moda Living can also announce it has terms agreed with the Peel Group at Liverpool Waters. The development will consist of a 40 storey residential tower with more than 325 units and the full complement of Moda facilities in the vibrant city. This exciting multi-billion pound masterplan is set to transform the city by regenerating more than 60 hectares of prime waterfront. The scheme will be the first new build residential element on site.
Tony Brooks, director of Moda Living, continues:
“Moda Living will constantly evolve to stay at the forefront of PRS, ahead of the market and changing the face of renting as we know it.
“There are some critical points you must take into account when designing and delivering a successful purpose built, PRS development for single landlord ownership. These considerations include; tenant interaction, satisfaction and service, coupled with building longevity and mechanics. As such, we have created what we are referring to as the ‘Moda Model’.
“We intend to design, deliver and operate our stock and thus keep a vested interest going forwards. We will design functional, interactive and welcoming spaces, using aesthetically pleasing and durable materials.
“We have been focussed on the customer experience from the start of the design process. Our building managers are a key part of our design team and the resident/customer experience has been at the heart of the scheme from day one. These are fully managed, hotel style environments for residents to enjoy, all as part of the Moda Living package. High quality private gardens and public realm will help distinguish our developments.
“Moda is a word synonymously associated with quality and as such we have designed the brand so that it will appeal to both B2B and B2C sectors. Moda will continue to move with the times, staying ahead of competition and will pride itself on being the best living space available for tenants across the UK.”
David Pringle, Director of NOMA at The Co-operative Group, said:
“Developing homes within NOMA is vital to the vibrancy of the area and the quality of the offer is completely aligned with our strategy. We want people to live here, work here and come here to shop and be entertained, so having people at the heart of the development is integral.”
Moda Living has appointed CBRE Residential investment as its retained advisors who confirm there is a huge multibillion wall of money aimed at the UK residential investment market.
Chris Lacey, executive director of residential at CBRE, comments:
“Much of this is searching for the right product and platform through which to invest as this opportunity is relative new to the UK. The timing is perfect for Moda Living to launch this new Platform and especially in its geographical area.
“The interested funds are mostly from UK, mainland European, Middle Eastern, Canadian and US pension fund and sovereign wealth investors. In the US we have a massive market. It’s valued at around $22 trillion and trading around $100 billion per annum. This residential sector accounts for around 20 to 25 per cent of all US pension fund property investment, it’s huge, and we deal with about seven times the annual business of any of our UK competitors. We see the international demand, the need for the right built product type, the big capital flows and the investment rationale behind this. This has enabled CBRE to lead the way in this new market with the only two big platform and strategic investment deals done so far, in December the £1.25 billion joint venture between APG and Delancey and the March £500 million joint venture between Notting Hill Housing Association and Sellar Design and Management.
“The Moda Living Platform for delivery and management, its product and geographical business plan and its significant “real” pipeline provides a quite unique opportunity for investors to co- invest. The regions and the South East are set for big growth and entry investment values are really quite low. CBRE, retained as advisor to Moda Living, are very confident that this will attract international interest and be the next ground breaking deal for the UK PRS market.”