Developers plot 30-storey NOMA tower
A JOINT venture between two Yorkshire developers has exchanged contracts to take on the residential element of the Co-operative Group’s NOMA scheme in Manchester city centre.
Wakefield-based Caddick Group and Harrogate’s Generate Land have formed Moda Living and plan to build around 450, one, two and three-bed apartments in a 30-storey tower on the corner of Miller Street and Rochdale Road which will be rented, rather than sold.
Early plans suggest ground floor retail – including cafes, bars and shops – around a communal garden. Co-op said there will be a 24-hour concierge and other tenant services, such as an electric car club, a cinema lounge and fitness facilities.
Tony Brooks, director of Moda Living, said: “We believe that this is the best residential site in the UK outside of London and the perfect opportunity to launch our brand, which we intend to make the new benchmark for the regional private rented sector (PRS) and the flagship project for Moda Living.
“The next stages are for us to work closely with residents, local businesses and Manchester City Council to ensure that the scheme is of maximum benefit to the city.”
Fellow director Johnny Caddick said: “Moda Living will be the market leader for high end, purpose built, city centre rental accommodation outside of the capital. We have over 1,300 units already under control and we are creating a large scale, regional development portfolio targeted at the newly emerging PRS (private rented sector). Our primary targets include Manchester, Liverpool, Leeds, Birmingham, Edinburgh and Glasgow. Moda Living is actively acquiring sites that can accommodate upwards of 100 units.”
David Pringle, a director at The Co-operative Group, said: “Developing homes within NOMA is vital to the vibrancy of the area and is completely aligned with our strategy. We want people to live here, work here and come here to shop and be entertained, so having people at the heart of the development is integral.”
The Co-op hopes construction will start next summer with the first properties completed by 2017. There was no detail on how the scheme is being funded but developers are chasing institutional cash for PRS schemes.
