Member Article

Yorkshire Caddick partnership secures £580 million pipeline in under a year

Yorkshire developer collaboration Moda Living is developing its purpose built portfolio across the UK and has already secured a development pipeline of 2,750 units with completed development value of £580 million.

Moda Living is a partnership between Wetherby’s Caddick Developments and Harrogate-based Generate Land which was formed earlier this year.

The firm is targeting more than 3,000 further units and its portfolio is expected to have an end value of over £1 billion.

It will be submitting planning permission shortly for its flagship scheme, Angel Gardens, the major residential component of The Co-operative and Hermes NOMA masterplan, in Manchester City Centre.

Johnny Caddick, director of Moda Living, comments on his plans for launching the Moda Living portfolio: “The joint venture between Caddick Developments and Generate Land brings together an expert team that has authoritative sector experience in creating mixed-use communities and an excellent track record of delivering quality, award-winning developments.

“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.

Tony Brooks, director of Moda Living, continues: “Moda Living will constantly evolve to stay at the forefront of PRS, ahead of the market and changing the face of renting as we know it.

“Moda is a word synonymously associated with quality and as such we have designed the brand so that it will appeal to both B2B and B2C sectors.

“Moda will continue to move with the times, staying ahead of competition and will pride itself on being the best living space available for tenants across the UK.”

Moda Living has appointed CBRE Residential investment as its retained advisors who confirm there is a huge multibillion wall of money aimed at the UK residential investment market.

Chris Lacey, executive director of residential at CBRE, comments: “Much of this is searching for the right product and platform through which to invest as this opportunity is relative new to the UK. The timing is perfect for Moda Living to launch this new Platform and especially in its geographical area.

“The regions and the South East are set for big growth and entry investment values are really quite low. CBRE, retained as advisor to Moda Living, are very confident that this will attract international interest and be the next ground breaking deal for the UK PRS market.”

This was posted in Bdaily's Members' News section by Clare Burnett .