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Good stuff STIG. I'd say there's more tall buildings in the offing in Manchester than I can ever remember. Fingers crossed that the current economic environment stays stable and that the demand persists.
 

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Looks good to me. Always up for these kind of simple and clean looking towers as long as the materials and build quality is up to high standards.
 

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10th February 2008
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Funding secured! :)

Insider media.

ANDMARK TOWER SCHEME SECURES FUNDING

2nd Feb 2016
North West
Richard Frost

Landmark tower scheme secures funding



A £128m development of Angel Gardens, the 34-storey private rented sector (PRS) accommodation scheme in the NOMA area of Manchester, has now been fully funded in a major step forward for the landmark project.

Real estate investment management firm Apache Capital has announced the acquisition of the development, which has already secured full planning consent, in conjunction with its joint venture with Moda Living. Angel Gardens is the seed asset of Apache Capital's joint venture with Moda Living, which has to date secured a £1bn PRS development pipeline comprising of approximately 5,000 units located in prime city centre sites across the UK's major regional cities.

Angel Gardens is situated in the heart of Manchester, at the centre of the wider NOMA 20-acre mixed-use regeneration project. The landmark 34-storey property will span 520,000 sq ft and comprise 458 apartments.

The proposed development's features include a seven-storey glazed foyer, a cinema room, a gym, four restaurants, retail units, digital integration and a multifunctional roof terrace that can be used for five-aside football, tennis or as a yoga practice space.

Richard Jackson, co-founder and managing director of Apache Capital Partners, said: "Our joint venture partnership with Moda Living has now secured a £1bn premium PRS pipeline of prime UK city centre sites. Apache Capital has the financing available to bring this to market and has already secured £128m that fully funds our Angel Gardens development.

"Our investors are clearly seeing the potential to capture attractive income growth and superior capital returns in our unique offering, through the quality of our developments and services and our first-mover advantage in a significantly undersupplied sector.

"The PRS market in the UK is worth £900 billion and growing, yet remains fragmented and presently overwhelmingly dominated by small, private-let landlords. We are focused on that significant gap between increasing tenant demand and the undersupply of institutional grade and scale of stock in PRS, which will be the next institutional assets class, as we have seen with the student accommodation market."

Johnny Caddick, director of Moda Living, added: "We have formed a long-term alliance with Apache Capital Partners meaning both developer and the fund are co-invested and committed to delivering an initial pipeline of 5,000 units with a GDV [gross development value] of £1bn. What this means is we're setting the pace.

"We are bringing out of the ground, developments that we know people aspire to live in and an investment opportunity that is unique and ahead of the competition. Our ethos, and why our PRS portfolio will stand the test of time, is based on building a brand and quality of product that is currently not available in the regions, of which Angel Gardens is a prime example."

Apache Capital and Moda Living were advised on the acquisition by CBRE, which also helped to create the investment platform.

Chris Lacey, executive director and head of residential capital markets at CBRE, said: "We are delighted to have advised Apache Capital Partners and Moda Living on the structuring of its new PRS platform JV.

"Angel Gardens is the inaugural scheme for the JV and a clear market leader. It has huge financial firepower and the ambitions to match having already secured a very extensive pipeline of PRS assets across key sites nationwide.

"Our involvement demonstrates CBRE's commitment to the UK PRS; a fast-growing sector where we see significant opportunities. We look forward to continue working with Apache Capital and Moda Living in the future."
 

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10th February 2008
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Moda Living, Twitter.

Another proposal(tower?), this time for Glasgow.

They are stacking up. 4 towers?

 
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