Moda Living plans Liverpool Waters resi tower

A JOINT venture between two Yorkshire developers has agreed a deal with Peel Group to deliver a 40-storey residential tower at its Liverpool Waters scheme.

Wakefield-based Caddick Group and Harrogate’s Generate Land are behind Modal Living which also has a plan to build 455, one, two and three-bed apartments in a 30-storey tower on the corner of Miller Street and Rochdale Road as part of the NOMA scheme in Manchester.

In Liverpool it is planning 325 apartments at Princes Dock and hopes to have the building finished by the end of 2017. Liverpool Waters is Peel’s massive waterfront regeneration project encompassing docks to the north of the city centre.

Moda has a similar plan for a site in south London and has two schemes in Leeds on the drawing board, one in Holbeck called City One and another next to the West Yorkshire Playhouse called Quarry Hill.

The group says it is hoping to set a “new benchmark” for the private rented sector (PRS), which involves whole blocks being funded and held by investment funds.

Over the course of the year residential developers have moved away from selling off-plan to buy-to-let landlords in search of funding from institutions. Moda says there is a “wall of money” looking to invest as PRS takes off, but has not said how its schemes are funded.

Plans will soon be submitted for the NOMA project and its has just agreed terms with Peel for the Liverpool scheme.

Director Johnny Caddick said: “Our development pipeline will focus primarily on UK cities which we feel present the greatest opportunities and as such we’re looking to set the benchmark for delivering a residential investment portfolio across the country.

“We’re already turning heads as we have more than 2,750 units under our control and we’re in negotiation on further sites in key regional cities including Birmingham, Leeds, Edinburgh, Bristol, Glasgow and Liverpool.”

Moda Living said it has 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 £1bn.

Moda is being advised by CBRE.