A new style Private Rented Sector (PRS) development in Manchester is one step closer after its Yorkshire Developer received the green light from the city’s planning committee (March 19).
Angel Gardens is the flagship scheme of Moda Living – a partnership between Yorkshire’s Caddick Developments and Generate Land – and is the major residential component of The Co-operative Group and Hermes Investment Management’s joint venture NOMA masterplan, in Manchester City Centre.
With the joint application from Moda and The Co-operative Group now approved, Moda can press ahead with its plans to deliver its best-in-class, single landlord, purpose built portfolio.
Tony Brooks, director of Moda Living, said: “Today’s news is extremely positive and is another key milestone in our journey to change the face of PRS.
“The NOMA scheme is offering an unbeatable area of redevelopment and investment in Manchester City Centre. It has provided Moda with the perfect opportunity to introduce our brand and concept, and we have customer experience at the heart of our strategy.”
David Pringle, a director at The Co-operative Group, said: “Angel Gardens is a great addition to the NOMA masterplan, it is an outstanding design and the development will provide the first residential offer of the NOMA neighbourhood.
Developing homes within NOMA is vital to the vibrancy of the area and the quality of the offer is completely aligned with our strategy.”
Angel Gardens will push the boundaries for purpose built rental accommodation in a location dubbed by JLL as “the best residential site in the UK, outside of London”.
Its unique design consists of 455 studio, one, two and three bed apartments, set around semi private interactive gardens with an impressive Mies Van Der Rohe inspired 36 storey tower element and co-locating bars, restaurants and retail space.
Since its formation earlier this year, Moda Living has already secured a development pipeline of 2,750 units with completed development value of £580m and is targeting more than 3,000 further units and its portfolio is expected to have an end value of over £1billion.
Moda Living has appointed CBRE Residential as its investment advisors.