Moda Living & Apache Capital Agree £215m Deal For Fountainbridge Build To Rent Village
Edinburgh’s city centre has received a major boost with news of a multi-million-pound investment that will deliver 525 new homes for rent in the Fountainbridge area, as well as the purchase of 46 existing private rented homes.
Moda Living with joint venture partner Apache Capital, bought the site ‘off-market’ from Grosvenor Britain &Ireland.
Grosvenor identified Moda for its expertise in Build-to-Rent and their ability to guarantee delivery through their backing from Apache Capital. The deal secures the main residential component in the Fountainbridge regeneration, which is helping revitalise central Edinburgh.
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. All residents will have access to 15,000 sq. ft. of on-site amenity space, including a gym, communal lounges, BBQ area and roof terraces with unique views of Edinburgh Castle, as well as fully managed communal gardens including a new public square. 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.
Tony Brooks, managing director of Moda Living 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.
“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. We are looking forward to working with the local authority and community groups to help meet a pressing need for rental accommodation in Scotland’s capital city.”
David Yaldron, Director of City Centre Developments for Grosvenor Britain & Ireland, said:
“We are committed to great placemaking and believe new, high-quality rental homes in Fountainbridge will help unlock the district’s potential. In Moda Living and Apache Capital we have selected an investor and operator with a similar commitment who will deliver much needed new homes ?in this burgeoning neighbourhood for Edinburgh.”
Kevin Stewart, Minister for Local Government and Housing, said:
“I am delighted to see Moda Living and Apache invest significantly in Scotland’s growing Build-to-Rent sector. This Government has made clear its commitment to boosting housing supply across all tenures and we recognise the significant contribution that can be made by a high-quality purpose-built private rented sector. We have taken a range of actions to encourage developments like this to come to fruition and look forward to the benefits of this investment being realised on the ground.”
Gerry More, the Scottish Government’s Private Rented Sector (PRS) Champion, said:
“The announcement of this major investment in the build-to-rent proposal at Fountainbridge is a substantial vote of confidence in both the Edinburgh property market and the Scottish Government’s plans to create flexibility, choice and affordability in the wider housing sector.
“This kind of purpose-built, high-quality and professionally-managed PRS development can rapidly increase the provision of much-needed new build housing, while at the same time positively transforming the experience of rented accommodation in Scotland for the long-term.”
Burness Paull and KPMG acted on behalf of the vendor, Grosvenor, with Brodies and Rettie & Co acting for the purchasers, Moda Living and Apache Capital.