Caddick Group Forms Joint Venture
15 May 2015
Developer, Caddick Group has formed a joint venture with a development pipeline worth £1bn as it plans to invest heavily in the premium end of the private rented sector.
The venutre which is backed by Apache Capital Partners, a private real estate investment management firm based in London and the Gulf, will target prime sites in UK regional cities to build and operate 5,000 units.
The joint venture is between Apache and Moda Living, which is itself a partnership between Caddick Group and Generate Land.
The first development will be a landmark 36-storey development of 458 units in Angel Gardens, Manchester, part of the Noma masterplan. Tenants will have exclusive use of all amenities within the building, including resident lounges, a cinema room and business meeting space. There will also be BBQ zones, gym and fitness classes on the rooftop garden and a ‘multi-Moda’ sport court, as well as concierge services, within the building.
“Traditional views on renting are changing and more people are looking towards PRS [private rented sector] for long-term tenure," said Johnny Caddick, director of Moda Living.
"With this in mind Moda Living’s aspirations are to create lifestyle developments that focus on putting the tenants – our customers – at the heart of the concept. This will ensure we constantly evolve to stay ahead of the market and the changing face of renting as we know it, which enables us to create living spaces that are tailored specifically for city-centric lifestyles.”
The joint venture will plan, develop, deliver and operate the buildings - creating a longer-term involvement for the developers - which will be targeted at 20-44 year olds with disposable income who want locations and buildings that come with high quality services and amenities.