Construction Firms Set For Major Build-To-Rent Contracts

Construction firms in several parts of the UK could be set for some major new build-to-rent jobs after a developer secured a £610 million finance deal for a series of schemes.

The deal will see the finance being provided by global investors KKR and Apache Capital for a stake in Moda Living’s £1.7 billion plan to build new homes in several core cities.

Moda, which already has a flagship skyscraper development at Angel Gardens in Manchester, will build 4,000 new homes with the funds. Its plans will cover a number of different cities, but the priorities will be in London, Birmingham and Brighton & Hove.

Building firms may need plenty of lashing winches to help carry materials to the top of cranes, should more of the developments feature buildings as tall as its Manchester scheme, which has 35 storeys and is 355 ft (108 m) high.

Discussing the plans, managing director at Moda Living Tony Brooks said: “With the backing of Apache Capital and KKR we will deliver the next generation of build-to-rent neighbourhoods.”

He added that these developments ”will set new standards for style and service while meeting the growing demand for high quality rental housing that is responsive to modern lifestyles”.

Moda has already partnered with Apache on The Lexington, a scheme in Liverpool where 60 per cent of apartments have already been leased.

The Moda pipeline for the future also includes plans for new developments in Leeds, Edinburgh, Glasgow and York.

In the latter case, no building is allowed to be taller than York Minster, while Edinburgh is also a low rise city that jealously guards its historic architecture. However, the Holland Park development in Glasgow will be 22 storeys in height.

The developer’s biggest skyscraper, however, will be The Mercian in Birmingham, which at 42 storeys will become the tallest residential building in the city.