Angel Gardens to become first in £1bn joint venture

A LANDMARK 36-storey block of 458 residential units at Angel Gardens in Manchester – part of the Noma masterplan – is the first in a joint venure development pipeline worth £1bn.

Developer Caddick Group has forged the partnership, backed by Apache Capital Partners, a private real estate investment management firm based in London and the Gulf.

The programme of development will target prime sites in UK regional cities to build and operate 5,000 units, starting with Angel Gardens.

The joint venture is between Apache and Moda Living, which is itself a partnership between Caddick Group and Generate Land.

Tenants at Angel Gadens  Tenants will have exclusive use of all amenities within the building, including resident lounges, a cinema room and business meeting space.

There will also be BBQ zones, gym and fitness classes on the rooftop garden and a ‘multi-Moda’ sport court, as well as concierge services, within the building.

“Traditional views on renting are changing and more people are looking towards PRS [private rented sector] for long-term tenure,” said Johnny Caddick, director of Moda Living.

“With this in mind Moda Living’s aspirations are to create lifestyle developments that focus on putting the tenants – our customers – at the heart of the concept. This will ensure we constantly evolve to stay ahead of the market and the changing face of renting as we know it, which enables us to create living spaces that are tailored specifically for city-centric lifestyles.”

The joint venture will plan, develop, deliver and operate the buildings – creating a longer-term involvement for the developers – which will be targeted at 20-44 year olds with disposable income who want locations and buildings that come with high quality services and amenities.

Apache Capital will be the majority partner and the deal, which is the result of more than  two years of due diligence, secures Apache Capital as the long-term funding partner of Moda Living. The partnership is expected to create the largest owner of regional purpose-built PRS and one of the largest owners of PRS overall in the UK.

“At Apache Capital, we have seen a strong demand from our Middle Eastern investors in the UK’s Private Rented Sector,” said managing director Richard Jackson. “This is partly because PRS is already an established sector in the region, the sector’s continuing supply/demand imbalance in the UK, but also coupled with the prevailing lifestyle shift toward flexible living that delivers high quality amenities and services.”

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