A joint venture between developer Moda Living and investment manager Apache Capital is planning to build a 525 homes for rent in Edinburgh’s city centre.
The joint venture has brought a site in the Fountainbridge area from Grosvenor, where there are ambitious regeneration plans.
Designed by CDA architects, the new housing will sit alongside 25,000 sq ft of new shops, bars and restaurants.
Moda aims to be on-site by end of year, with the 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, two student residences providing accommodation for over 600 students, and 46 private rented homes.
It will be Moda and Apache’s second scheme in Scotland having purchased the former Strathclyde Police headquarters in Glasgow in October last year for a £115m redevelopment of the complex into 400 rental flats.
The joint venture now has the largest pipeline of any rental developer, with more than £1.1bn portfolio of sites in city centre locations across the UK.
Its flagship £155m Manchester scheme, Angel Gardens, started on-site in January this year.
Planning was gained last September for an £85m Liverpool waterfront development, called The Lexington and plans for a £172m scheme on Broad Street, Birmingham were announced the month after.
Tony Brooks, managing director of Moda Living said:“Our ambition has always been to build a truly nationwide brand, and with two schemes now underway in Scotland, renters across the length and breadth of the UK will soon be able to benefit from our amenity-rich, service-driven offer.
“As an investor, developer and operator we are here for the long-term and aim to knit ourselves into the city’s fabric taking on the mantle and ethos of Grosvenor.”
from Construction Enquirer http://www.constructionenquirer.com/2017/03/04/moda-plans-215m-edinburgh-build-to-rent-scheme/
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