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Moda Living’s flagship BTR scheme in Manchester generates strong demand

The first release of homes at Moda Living’s flagship Build to Rent Angels Gardens scheme in the heart of Manchester have been snapped up in just a few weeks.

This is two months ahead of schedule and weeks before the marketing suite, show apartments and amenity areas have officially opened.

The 35-storey tower, the first project to open in Moda Living’s £2 billion development pipeline, is being delivered in partnership with private real estate investment manager Apache Capital.

Over 60 apartments have been pre-let, with Moda now releasing more apartments to rent. Lettings are live on the Moda website and portals Rightmove and Zoopla.

Moda offers a ‘digital first’ rental process with the aim of helping customers to secure an apartment ‘online in less than ten clicks, with plenty more available to reserve online’.

Situated next to Manchester’s uber-trendy Northern Quarter, which is home to a number of artisan cafes and boutiques, Angels Gardens is part of the NOMA neighbourhood – a 20-acre, £800 million masterplan aiming to create new homes, offices, hotels, shops, restaurants and bars around vibrant urban spaces.

Moda Living’s flagship BTR scheme in Manchester generates strong demand

Amazon’s new headquarters – the tech giant’s first outside of London - is set to open in NOMA’s Hanover House building this year, bringing with it 600 jobs.

The mixed-use scheme is in the centre of the of the city, with two of Manchester’s biggest transport hubs - Manchester Victoria and Shudehill Transport Interchange – only a stone’s throw away, offering trains, Metrolink and bus services across the city, North West and beyond.

Manchester Piccadilly, the city’s main transport hub, is also just a short tram ride away, with the journey to London two hours by train, with three trains per hour. What’s more, Manchester’s growing tram network now extends to Manchester Airport from Shudehill, which creates another alternative to cars or trains.

App-friendly and additional extras

Built exclusively for rent, the Angels building offers a mix of studio, one, two and three-bedroom apartments, all of which come with interiors created by celebrity interior designer and TV personality Naomi Cleaver, whose new show Design Masters starts soon on Netflix.

The larger flats, which have been designed specifically with sharers in mind, have equal-sized double bedrooms to provide ‘greater privacy, reduced noise and no arguing over who gets the biggest room’.

Additionally, Moda is attempting to pair up housemates looking to share, with the company saying the new development is ideal for people hoping to make new friends or relocating to the city.

Moda Living’s flagship BTR scheme in Manchester generates strong demand

MyModa also has a bespoke app, which means everything from paying rent to booking events, services and keeping track of personal health can be at a resident’s fingertips and carried out online.

What’s more, potential tenants can use the firm’s virtual viewing platform to save on the ‘time usually spent traipsing round estate agents and viewing a host of apartments’. All residents, though, still receive a private tour of the building before they move into Angel Gardens to ensure they know what they are getting into.

The Angel Gardens marketing suite is now taking its first pre-bookings, with dressed apartments and access to view all of the onsite amenities including a rooftop sports pitch, shared dining room, lounges, library, gym and media room.

Rents for apartments at Angel Gardens begin at £925pcm, but include a number of additional extras such as superfast WiFi, 50-inch smart TVs, bespoke furniture, access to a host of shared spaces including a residents’ lounge, a 24-hour private gym and co-working space.

“The initial response locally has been very positive. We’re committed to working with some of our excellent local partners – such as hero wellbeing and Pot Kettle Black, the new coffee and cocktails café within Angel Gardens – to provide a premium experience for all our customers,” Johnny Caddick, co-founder at Moda Living, said.

Richard Jackson, co-founder and managing director at Apache Capital Partners, added: “Our ambition, which started seven years ago, has always been to create the UK’s leading portfolio of purpose-built rented multi-family housing and the appetite for homes at Angel Gardens shows there is strong demand for a high quality design, amenities and services that create a flexible and professionally-managed lifestyle product. The excitement around Angel Gardens now that we are about to open our doors is fantastic and we look forward to the first residents moving in.”

Part of a growing movement 

The Build to Rent model of housing, which is known as multifamily in the US and parts of Europe, has been commonplace in North America for a number of decades but has in recent years become increasingly popular in the UK.

Property Investor Today seems to cover a new Build to Rent development pretty much every week, with a number of big companies ploughing considerable investment into this burgeoning market.

Moda Living’s flagship BTR scheme in Manchester generates strong demand

Moda and Apache Capital, for example, are set to deliver more than 6,500 homes for rent across England and Scotland.

The news on Moda’s Angel Gardens also comes hot on the heels of another Manchester Build to Rent development generating headlines. It was revealed last week that more than half of the 350 apartments on offer at West Tower, Deansgate Square have been reserved since the development was launched at the end of May. The development is a joint partnership between property managing agent urbanbubble and influential Build to Rent player Legal & General.

We also reported last week how Simple Life Homes is launching 28 new Build to Rent family homes in Newhall, a new settlement on the outskirts of Harlow in Essex.

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