Build to rent developer to launch single family housing venture
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Build to Rent developer Moda Living has announced its second new partnership in a week, with the Harrogate-based firm joining with Ares Real Estate Group in a joint venture to launch a vertically integrated Built-To-Rent single family homes (SFH) brand across the UK.
Through direct development with Caddick Construction and partnerships with reputable local developers, the platform aims to deliver over 5,000 high-quality purpose-built homes in the UK with a gross development value in excess of £1 billion by the end of 2025.
The sites for the first c. 1,000 homes of this partnership have been secured and construction is due to start in Q1 2022. The homes will comprise 1-4 bedrooms and will be located in carefully selected suburban neighbourhoods across the UK that are experiencing significant shortages of price accessible, quality rental housing.
Moda, which is both developer and operator of its schemes something Johnny Caddick, director of Caddick Developments and chief executive of Moda told TheBusinessDesk earlier this year was important because it isn’t “trying to just deliver a new building”, will manage the platform and bring its expertise in “next generation multifamily neighbourhoods” across the UK to the suburban “single family living” space.
Leveraging best-in-class resident service, brand partnerships and forward-thinking initiatives around smart technology and renewable energy, the platform will provide residents with an exceptional living experience and vibrant social communities. Additionally, it will seek to provide true security of tenure on long-term renewable leases without requiring upfront fees or deposits. The new neighbourhoods will be targeting a broad demographic at an accessible price point.
Despite being one of the UK’s most disruptive property brands, with a portfolio spanning from Edinburgh to Brighton, the business remains a family company with a core focus on best-in-class service, health and wellbeing, technology and ESG. The new venture brings this award-winning proposition into single family homes.
William Westbrook, managing director, the Ares Real Estate Group said: “We’re excited to partner with Moda to launch this initiative to deliver high quality, price accessible suburban homes across the UK. At Ares, we believe that there is a significant undersupply of price accessible rental options in the UK, and more broadly across Europe, so this partnership represents yet another example of how we are executing on our strategy to bring forward high-quality rental housing options in key markets.”
“This platform by Moda will provide an attractive housing option to residents ranging from all walks of life, including families who are renting before buying their own home as well as those who choose to rent as a lifestyle or require flexibility due to their work.”
Caddick added: “This is an incredibly exciting opportunity to partner with Ares. We look forward to bringing a wide range of expertise and skills from the Caddick Group to enable true vertical integration of this platform.”
“We believe that now is the right time to launch a unique product into this space with a point of difference and we foresee strong nationwide demand for the offer. The single family housing proposition focuses on great lifestyle with great service. We believe this offers people more than bricks and mortar and genuine pride of place for the long-term.”
“Through Moda we have a great knowledge of the UK-wide rental market. We understand how important a sense of community has become, and that’s where our new proposition comes into its own,” said Dan Brooks, Director of Operations at Moda. “There is high demand for well-designed, professionally managed single family homes in strategic locations that are also – crucially – price accessible. This is what we are delivering with this new venture. We apply our wider infrastructure and ethos from across our Moda platforms to ensure a market leading resident experience and digital engagement alongside data management, smart integrations and sustainable living.”