Moda and Apache Capital have secured their first major project in the south of England with the acquisition of an 860-home site in Brighton & Hove.
The nine-acre scheme on Sackville Road [main picture] could have an end value of £220m, and will include substantial employment space.
The pair bought the site without planning, although a consent exists for a retail-led scheme. LaSalle Investment Management were the vendor.
Phase one is likely to include 600 rental homes and 20,000 sq ft of co-working space.
On-site amenities will include virtual sports simulators, semi-private gardens, a car club and resident allotments.
Moda, together with strategic funding partner Apache Capital, has secured a £2bn development pipeline of more than 6,000 rental homes around the UK.
Tony Brooks, managing director at Moda, said: “This is our first major scheme to come forward in the South East but first of many as we are committed to growing the portfolio across the region. We have positions on several other substantial sites and we are excited to continue large-scale acquisitions in London and the South.”
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