Moda Living collars Glasgow police station for PRS scheme
Moda Living is closing in on a purchase of the former Strathclyde Police headquarters in Glasgow for a 365-home scheme with a GDV of £105m.
It would be the first large-scale build-to-rent development to complete in the city.
Apache Capital Partners will fund the project as part of a £1bn PRS tie-up with Moda.
Moda Living is closing in on a purchase of the former Strathclyde Police headquarters in Glasgow for a 365-home scheme with a GDV of £105m.
It would be the first large-scale build-to-rent development to complete in the city.
Apache Capital Partners will fund the project as part of a £1bn PRS tie-up with Moda.
The 190,000 sq ft Pitt Street site was put up for sale in 2015, after the merged organisation, Police Scotland, relocated to a new headquarters in Dalmarnock.
Moda Living is working with Scottish architects HAUS-Collective on a multi-building development that includes public realm and 20,000 sq ft of commercial space.
Moda has a rental development pipeline of around 5,000 flats. With Apache, it recently secured planning for an £82m, 304-home tower in Liverpool, and plans a 450-home, £145m development in Birmingham.
The threats of rent controls in Scotland and the possibility of its secession from the UK have put off many developers. Despite this, LaSalle Investment Management is forward funding 292 homes in Aberdeen, while Grosvenor is building 400 homes at Fountainbridge in Edinburgh.
Ryden advised the Scottish Police Authority and Police Scotland on the sale; Moda was advised by CBRE. All parties declined to comment.
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