Apache Capital Partners and Harrison Street have teamed up to fund a landmark Moda Living build-to-rent (BTR) development in Edinburgh
The £215m project, known as Springside, will include 476 new homes alongside 48 existing, fully leased studio, one- and two-bedroom apartments.
The development will also provide 13,000 sq.ft. of internal amenities, including communal lounges and gardens, and health and wellbeing facilities, as well as 15,000 sq.ft. of ground-floor retail and leisure space.
Apache Capital and Moda Living purchased the Springside site, which included 48 existing homes, in March 2017 from Grosvenor Great Britain and Ireland.
Construction is due to start later this year and it is expected to be completed in 2022.
The investment is the fourth project in the BTR joint venture between Apache Capital Partners and Harrison Street.
John Dunkerley, co-founder and CEO at Apache Capital Partners, said the company was committed to delivering and expanding their BTR pipeline with Harrison Street and Moda Living, despite the near-term disruption caused by Covid-19.
”There remains a fundamental mismatch between supply and demand for high quality purpose-built rental housing in the UK and for investors seeking long-term, steady income streams from assets with defensive, counter-cyclical qualities, build-to-rent remains highly attractive as a sector,” he added.
Robert Mathias, senior managing director and head of international business at Harrison Street, said: “We are thrilled to further our partnership with Apache Capital to develop Springside, which will provide much needed attractive rental options for the growing number of people in the UK choosing to rent.
“Apache Capital and Moda Living are world class partners in the UK BTR space, and we look forward to expanding the joint venture through investments in first-class properties backed by compelling demographics.”
