Moda and Apache buy Edinburgh PRS site

Moda Living and Apache Capital have bought a site in the Fountainbridge build-to-rent village in Edinburgh for £215m from Grosvenor. The development will deliver 525 new homes in the area on top of the 46 existing private rented homes included in the purchase. New housing will sit alongside 25,000 sq ft of commercial space with shops, bars and restaurants. Moda expects to be on site by the end of the year, with the first phase completed by the end of 2019 and the rest completed by the end of 2022. Fountainbridge already has 250 completed homes, including ones for sale, along with two student residences housing more than 600 students. Moda and Apache’s joint venture was created in May 2015 and has a rental portfolio of more than £1.1bn in development. Work started on site at the £155m build-to-rent scheme in Angel Gardens, Manchester, in January, and they were granted planning for their £85m Liverpool waterfront development, the Lexington, in September last year. Tony Brooks, managing director of Moda Living, said: “To work with Grosvenor, one of the world’s oldest and most prestigious property companies, has been fantastic for us and the work they have done to produce an innovative build-to-rent scheme set within exemplar public realm matches our own vision of delivering high-quality housing in city centre locations across the UK. “We are looking forward to working with the local authority and community groups to help meet a pressing need for rental accommodation in Scotland’s capital city.” • To send feedback, e-mail karl.tomusk@estatesgazette.com or tweet @ktomusk or @estatesgazette