Moda Living, a joint venture between Generate Land and Caddick Developments, is staking its claim to be a major private rented home brand in the north of the UK.
Moda Living’s logo – another new PRS brand for renters to seek out
Behind the new name, the two companies have put in place a development pipeline that promises to deliver up to 5,000 private rented homes on sites in cities such as Manchester and Leeds.
The company’s flagship scheme will be in Manchester’s city centre, called Angel Gardens, and is forms part of the residential element of the masterplanned NOMA project, backed by the Co-operative and Hermes.
Angel Gardens will include a 36 storey tower
Angel Gardens will include 455 units, ranging from studio to three bed apartments in a block that includes a 36 storey tower, along with semi-private gardens. Tenants are promised facilities that include residents’ lounges, a cinema and business meeting space, a rooftop garden with barbecue area, fitness and sports facilities.
PRS homes with a garden
“The joint venture 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,” said Johnny Caddick, director of Moda.
“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.”
“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.”
Caddick explained the rationale behind making Manchester the starting point for its portfolio: “Manchester is the fastest growing population outside London. It is expected to significantly grow over the next ten years in both GDP and household disposable income terms by 31% and 29%, respectively. Moreover, with 28.4%, 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.”
Also in the pipeline are flats at Liverpool Waters, where an agreement with Peel Group will see a 40 storey tower contain at least 325 homes for rental.
Moda Living has hired agents CBRE to look for investors that the developer can work alongside. “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,” said Chris Lacey of CBRE.