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Old May 16th, 2015, 01:35 AM   #1
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The Mercian | Broad Street | Residential/Commercial | 42fl | 132m | U/C

May as well have a thread for this as it's significant.

Quote:
Apache takes flight with £1bn regional PRS platform
14 May 2015 | By Richard Williams

Middle Eastern investor Apache Capital Partners has formed a £1bn joint venture with Moda Living to establish the UK’s first regional private rented sector (PRS) platform.

In a huge fillip for regional PRS investment, Apache and Moda have joined forces to create a partnership that will initially develop five schemes totalling 5,000 units, with further sites to be rolled out in the future.

To kick off the joint venture, Bahrain-based Apache has struck a deal with Moda to fund its first scheme in Manchester for £130m. The deal for the 458-unit Angel Gardens development has been agreed at a yield of 5%.

The joint venture, which is in the process of going through legal teams and is expected to be signed off in the coming weeks, will also develop further schemes in Birmingham, Liverpool and the South East.

Moda, a joint venture between Caddick Developments and Generate Land, will retain an equity stake in the partnership that will be built up as it takes profits from the schemes and translates them into investment.

Two further Moda PRS schemes, both in Leeds and totalling 1,900 units, could be rolled into the platform as and when planning permission is achieved.

Apache, which is backed by high-net-worth sovereign wealth money from the Middle East, will work with Moda to plan, develop and operate the schemes in the platform.

The partnership will largely focus on the regions but London and South East sites are also under review. An exit is expected at some point in the form of a real estate investment trust or an IPO.

The Angel Gardens deal would be one of the most significant in the fledgling Manchester PRS scene, where several other schemes are also attracting the interests of investors.

Moda first sought a buyer for the scheme - which has planning in place for a 36-storey tower - in March and attracted interest from a long list of investors.

Moda’s PRS model targets higher-end renters and its schemes include facilities such as sports courts, barbecues, meeting rooms, communal gardens, coffee lounges, gyms and cinema rooms.

A one-bed apartment at Angel Gardens is set to attract rents of £1,000 a month, while a two-bed will hit £1,400.

Included in the Apache-Moda joint venture is the 40-storey PRS tower at Peel Group’s Liverpool Waters, which is under development and will total 325 units.

Moda is also under offer on a site in Birmingham, which will fall into the joint venture, as well as one in the South East and a further site in another region.

Moda’s two sites in Leeds - City One and Quarry Hill - are in the planning process for 1,200 units and 700 units respectively and may be rolled into the partnership at a later date.

CBRE advised Moda Living. All parties declined to comment.
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Old May 16th, 2015, 10:29 AM   #2
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So... BST is my guess
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Old May 16th, 2015, 10:45 AM   #3
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God I hope so!!!
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Old May 16th, 2015, 12:42 PM   #4
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It's most logical yes. If I had to put money on any site it would be that one.
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Old May 16th, 2015, 02:40 PM   #5
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Quote:
Originally Posted by sefton66 View Post
So... BST is my guess
Just looked at Richardson Capital website to see if anything has changed. Well according to their site they have put the Broad Street Tower site up for sale I really hope we get a decent sized landmark tower here that can be seen from all angles of the city.

http://richardsons.co.uk/land-for-sale/
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Old May 16th, 2015, 04:27 PM   #6
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I hope we get a quality tower out of this.
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Old May 16th, 2015, 04:51 PM   #7
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This isn't the same as Regal Tower is it?
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Old May 16th, 2015, 05:14 PM   #8
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No, the site opposite.
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Old May 16th, 2015, 05:34 PM   #9
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Well 36 storeys in Manchester, 40 in Liverpool, I'd hope for something at least similar in size.
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Old May 16th, 2015, 06:07 PM   #10
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This is Birmingham - planners will probably asked for a thatched barn conversion rather than anything new above 20 floors
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Old May 16th, 2015, 07:29 PM   #11
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A nice 50 storey tower here might help make up for all the heart break over the years.
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Old May 16th, 2015, 09:44 PM   #12
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If they don't pick BST my second guess is they'll take Masshouse off nikal for development

My third guess is going to be the site we seen pillo hotel proposal
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Old May 16th, 2015, 10:30 PM   #13
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How about Beorma Tower change of use from office to Resi ???????
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Old May 16th, 2015, 11:52 PM   #14
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I think this might surprise us and be a brand new site.... Snowhill somewhere.
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Old May 17th, 2015, 10:10 PM   #15
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Quote:
Originally Posted by sefton66 View Post
So... BST is my guess


What`s BST? Is it Broad St?
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Old May 17th, 2015, 10:12 PM   #16
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Quote:
Originally Posted by brum2003 View Post
This is Birmingham - planners will probably asked for a thatched barn conversion rather than anything new above 20 floors


Er, do I detect a sardonic sense of humour or just sheer frustration?

Or both?
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Old May 17th, 2015, 10:16 PM   #17
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Quote:
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What`s BST? Is it Broad St?
Its a nick name for a failed Tower proposal on Broad Street from roughly a decade ago.
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Old May 17th, 2015, 10:27 PM   #18
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Could we be waiting years for an update on this?
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Old May 17th, 2015, 10:29 PM   #19
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Quote:
Originally Posted by ROYAL BLUE View Post
Its a nick name for a failed Tower proposal on Broad Street from roughly a decade ago.



Thanks. Is that the site that`s opposite the two proposed towers about to go up?
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Old May 17th, 2015, 10:37 PM   #20
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That's right.
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