Developer launches new £1bn co-living platform amidst “rental revolution”
The Harrogate-headquartered Build to Rent (BTR) developer Moda Living has launched a new studio rental arm with an initial pipeline of developments worth £1bn.
The developer and operator’s new co-living offering is described as expanding its range of start-of-the-art rental homes, with an initial focus upon London and the South East, however TheBusinessDesk.com understands that it is also looking at rolling the concept out to other key cities including Leeds and Manchester.
With six initial sites already secured across the capital for the venture, totalling 2,600 units and more in negotiation the platform is on track to deliver circa 1,000 new homes annually from next year, as its chief executive Johnny Caddick notes there is a “rental revolution” underway and the business is ready to “lead the charge”.
The studio rental neighbourhoods are designed to build on the business’s existing build-to-rent portfolio, which includes the newly launched Lexington in Liverpool, Angel Gardens in Manchester and New York Square in Leeds, and will feature a range of best-in-class amenity spaces for its residents. Offering gyms, co-working spaces, lounges and more, the neighbourhoods will focus on helping its communities live a wellness-focused lifestyle, supported by 24/7 onsite teams and leading technology throughout the spaces.
The co-living operation is run by a dedicated team based in Moda Living’s central London office and will see the brand continue to prioritise working with local and independent businesses, to create unique and tailored living experiences for residents.
The launch of the new co-living platform brings Moda Living’s total pipeline to 10,000 homes with a combined GDV in excess of £3.5bn.
Caddick, said: “There is a rental revolution happening, and years of planning and preparation means Moda Living is positioned to lead the charge on creating outstanding homes for people of all ages and requirements.
“We are extremely excited about our co-living platform, as the model is based on the same core values Moda Living has always held: creating close knit communities with lifestyle and wellbeing at their heart, supported by the best technology and sustainable practices. This is a crucial step in the business’s journey and we look forward to seeing the new communities come to life.”
James Edwards, development manager for Moda Living’s co-living platform, said: “Moda Living is building a family of platforms in the living sector that will provide state of the art, high tech, sustainable homes that cater to all requirements and demographics.
“Co-living is an exciting market with huge potential, and complements Moda’s existing portfolio of thriving rental communities. We are extremely excited about working in this space and look forward to embracing the many opportunities the platform will offer, as well as creating best-in-class studio homes for the next generation of renters.”
