The project, part of The Co-operative Group’s NOMA scheme, will see 455 studio, one, two and three bed apartments built
From rooftop tennis courts and football pitches to cinema rooms and gyms, is this the future of city centre living?
Images released to the M.E.N. provide a first look at the residential element of a huge development in a corner of Manchester.
The project, part of The Co-operative Group’s NOMA scheme, will see 455 studio, one, two and three bed apartments built. Dubbed Angel Gardens, it will sit next to the mutual’s One Angel square headquarters and include a 36-storey tower block.
With increased constraints on first-time buyers and a shift towards young professionals living in city centres, it is aimed at the private rented sector and will be delivered by Moda Living, a partnership between Caddick Developments and Generate Land.
The development will set around semi-private interactive gardens, with bars, restaurants and retail space. All people living there will have exclusive use of amenities, including resident lounges, a cinema room and business meeting space.
There will be a rooftop garden, complete with BBQ zones, gym and fitness classes, Yoga and a sport court, with netball, tennis, basketball and football pitches.
Plans will be submitted shortly and the first apartment will be set for occupation in 2017. Work would start next year.
Johnny Caddick, director of Moda Living, said: “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 the UK private rented sector.
“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 per cent and 29 per cent 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.”
David Pringle, director of NOMA at The Co-op, 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.
Angel Gardens is the first project being brought forward by Moda Living.
It 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 more than £1bn.
Mr Caddick added: “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.”
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.”
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.”
He added: “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.”