Moda Living and its funding partner Apache Capital Partners have announced their first major project in Birmingham.
The duo has made its debut in the UK’s second city with the acquisition of a 0.77-acre site on Broad Street, which it plans to transform into a £145m purpose-built rental development. The scheme will be the biggest development of its kind in Birmingham in this property cycle.
The site, which includes the former Tramps Nightclub and sits opposite Brindleyplace, was purchased from Bloomcrest, a joint venture between Richardsons Capital LLP and Cordwell Property Group, for £8m.
The new scheme has been designed by Birmingham-based Glenn Howells Architects, and includes a landmark 37-storey tower, comprising 450 apartments. Residents will have access to circa 30,000 sq ft of dedicated communal amenity space including a sky lounge, indoor/outdoor cinema, meeting rooms and a fitness suite. There will be around 35,000 sq ft of additional retail, office and leisure space across the scheme, including a roof terrace with a 200m running track and landscaped gardens.
The scheme will be delivered by Moda and fully funded by Apache Capital, the London- and Gulf-based private real estate investment management firm. The JV will retain ownership of the property and operate it as a long-term community and investment platform.
Lee Savage, UK development director of Moda Living, said: “This site fits in perfectly with our strategy of targeting central locations in major urban areas, where we can deliver high-quality rental housing at scale to professionals let down by the buy-to-let market, while also supporting ongoing regeneration efforts.”
Richard Jackson, co-founder and managing director of Apache Capital Partners, said: “This prime site is perfectly placed in the heart of central Birmingham and will deliver a completely new standard of residence and lifestyle for the city centre rental market. Funding support from our institutional investors remains strong for our secured premium PRS development pipeline that we will own and operate for the long term.”
Through their JV partnership, Moda and Apache have to date secured a PRS development pipeline of over 5,000 apartments with an end GDV of £1bn across UK cities including Leeds, Liverpool, London, and Manchester.
CBRE advised Bloomcrest on the sale, while Knight Frank advised Moda.
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