The seemingly endless growth of Build to Rent continues unabated, with the new partnership of Moda Living, Osborne + Co and MRP recently submitting an outline planning application for the development of a four-acre site at Lancefield Quay in Glasgow.
The tie-up between BTR pioneer Moda Living, investor Osborne + Co and MRP, the property development and investment division of construction company McAleer & Rushe, is set to lead to a brand new scheme in Scotland’s second city, if it’s given the green light.
Should outline permission be granted, Moda Living will take the site through detailed planning, delivery and into operation. It will count as Moda’s second site in Glasgow and its third in Scotland, making it the largest BTR operator north of the border. It will also form part of Moda’s overall pipeline of ‘best-in-class rental homes’, which currently consists of 18,400 homes worth a combined £6 billion.
It also follows hot on the heels of its involvement in a major new BTR scheme at Nine Elms Park in London, the developer and operator’s first venture in the capital.
What are the proposed plans?
The outline planning application has been submitted under the joint venture name of GDRI Europe (Osborne+Co and MRP) and Moda Living, following a public consultation which took place in February and provided local people with the chance to view and feedback on the residential-led proposals.
The response to the consultation ‘was extremely positive’, with people expressing their support for the new homes and regeneration of the area.
If planning consent is given, Moda will work in partnership with Osborne+Co and MRP to transform the site into an ‘inclusive residential community’ of around 730 new homes, in-line with the council’s city centre living strategy.
As Moda’s second major project in the city, there will be a continued focus on customer service and ‘best-in-class institutional-grade design’. The homes will be accompanied by ‘state-of-the-art’ amenities.
The new development will regenerate a site that has been empty since 2007 and will help drive the wider regeneration of the city quarter, linking it with the Scottish Entertainment Campus and Media Quarter. It will also provide links with the cosmopolitan Finnieston area, which has undergone its own transformation in recent years.
Moda, which has fast become one of the most high-profile operators in the BTR space, helped by its £1 billion joint venture with funding partner Apache Capital, already has a flagship Scottish development in place, The McEwan, which launched in October. Work also began earlier this year on its Holland Park development in Glasgow with a total investment of around £125 million into the city in total.
“Glasgow has all the fundamentals we look for; it’s a well-connected, forward-looking city which boasts a strong local economy and is focused on growth which is why are committed as a long-term city partner," Oscar Brooks, director at Moda Living, said.
“Construction on our Holland Park 425 home development is well advanced, demonstrating our enthusiasm for the city. We are excited to have the opportunity to develop our vision for the Lancefield Quay site and to be working alongside Osborne+Co and MRP as we bring forward a long vacant site.”
He added: “This forms part of our wider strategy and integrated structure to enable us to deliver and operate thousands of high-quality homes per annum right across the UK. We are delivering different types of homes at different price points for different lifestyle requirements driven by Moda brand foundations of unparalleled customer service, member health & wellbeing and a market leading digital infrastructure.”
Stephen Surphlis, managing director of MRP, which has a number of major development projects in leading cities throughout the UK, said: “We are excited about the impact that this development can have on the regeneration of an historic and important area of Glasgow, supporting a vibrant city centre community. The community consultation provided us with valuable feedback, with more than 90% of people in support of the residential offering and agreeing that Glasgow needs new homes.”
He continued: “The creation of well-designed, well-crafted and sustainable homes is high on the council’s agenda and the Lancefield Quay site is ideally located to provide a thriving BTR development which will fit in perfectly with the fabric of the area.”
Conor Osborne, director and founder of Osborne+Co, added: “This application marks an important milestone for what we hope will be a truly transformational development for this area. We have taken a strategic approach to these initial proposals and worked hard to ensure they align with Glasgow City Council’s wider regeneration ambitions to open up the waterfront and create a vibrant new location within the city. Moda’s involvement in the site will help us realise this ambition to create a single fully integrated development and we are looking forward to continued discussion with the council.”