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Partnership set for Edinburgh PRS project

Partnership set for Edinburgh PRS project

A new private rental scheme project featuring 525 apartments is set to be built in Edinburgh, after the joint venture of Moda Living and Apache Capital acquired a site in Fountainbridge.

The £215 million project will see 525 new private rental scheme (PRS) apartments being built at the site, along with 25,000 sq ft of commercial space. 

Apache and Moda bought the land from Grosvenor and as well as using the remaining space to build on, will inherit the existing parts of the development. These include two student apartment blocks with 600 rooms, 46 apartments and over 200 other homes for sale. Some of the latter are affordable homes set aside for the elderly and frail. 

The aim now is to get planning permission and start work later this year, with the first phase of the project being completed by the end of 2019 and the second in 2022. 

Commenting on the scheme, managing director of Moda Living Tony Brooks remarked: "Our ambition has always been to build a truly nationwide brand, and with two schemes now underway in Scotland, renters across the length and breadth of the UK will soon be able to benefit from our amenity-rich, service-driven offer.

"As an investor, developer and operator we are here for the long-term and aim to knit ourselves into the city’s fabric taking on the mantle and ethos of Grosvenor."

It is not the first PRS scheme Moda and Apache are involved with in Scotland, having bought the former Strathclyde Police Headquarters building in Glasgow last year. This will be transformed into 400 apartments. 

Until then, the partnership's PRS schemes had been confined to England, with the aim being to expand this market in regional cities such as Manchester, Liverpool and Birmingham. 

Work is presently underway on the Angel Meadows scheme in Manchester, which is Moda's flagship development in the city. Located in the NOMA development area on the edge of the city centre, it will see 450 new apartments being built.

Image: iStock

 

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