This major residential deal will provide a 34-storey property, totalling 520,000 square feet and comprising 458 apartments for rent. It will have a seven-storey glazed foyer, a cinema room, gym, four restaurants, retail units, digital integration and a multi-functional roof terrace.
Moda assembled the site and were responsible for the design and planning permission, at which point they secured its sale to their funding partner, Apache, who completed the purchase of the scheme from the Co-operative Group. Moda will now develop the site on behalf of Apache.
Johnny Caddick, director of Moda Living (part of the Caddick Group) said "Our ethos, and why our PRS (Private Rented Sector) portfolio will stand the test of time, is based on building a brand and quality of product that is currently not available in the regions, of which Angel Gardens is a prime example."
Richard Jackson, co-founder and managing director of Apache Capital Partners, added "Our joint venture partnership with Moda Living has now secured a £1bn premium PRS pipeline of prime UK city centre sites. Apache Capital has the financing available to bring this to market and has already secured £128m that fully funds our Angel Gardens development.
"Our investors are clearly seeing the potential to capture attractive income growth and superior capital returns in our unique offering, through the quality of our developments and services and our first mover advantage in a significantly under-supplied sector.
"The PRS market in the UK is worth £900bn and growing, yet remains fragmented and presently overwhelmingly dominated by small, private-let landlords. We are focused on that significant gap between increasing tenant demand and the undersupply of institutional grade and scale of stock in PRS, which will be the next institutional assets class, as we have seen with the student accommodation market."
DWF real estate partner, Andrew Flounders, advised Moda on the acquisition and led the deal, supported by solicitor, Helen Pashley, and corporate partner, Richard Tall. Andrew commented “It was great to support Moda again on another significant acquisition to enhance its presence in the UK PRS market. DWF’s national team is one of the largest in the UK and has substantial experience in dealing with the acquisition development and funding of large complex projects including PRS schemes, and is well placed to advise on high value transactions of this nature and work to tight timescales to deliver for our clients.”
Apache Capital and Moda Living were advised on the acquisition by CBRE who also helped to create the investment platform.