500-home development in Belfast is first project under UK-wide initiative
Build to rent specialist Moda Living has formed a UK-wide partnership with global property developer and investor Osborne & Co to deliver build-to-rent (BTR) homes alongside commercial space for the life sciences.
Under the UK-wide partnership Moda and Osborne will ‘unlock masterplans’ to deliver BTR homes alongside “large-scale best-in-class commercial and life science space.” It will target major cities including Glasgow, Leeds, Edinburgh and Birmingham with hundreds of millions of pounds of investment.
The first project under the initiative will be the 500-home Belfast Waterside scheme. Moda will acquire a two-acre site from Osborne to deliver a £150m neighbourhood. This will sit alongside around 1.2m sq ft of office , technology and innovation space delivered by Osborne as master developer.
Moda and Osborne believe combining development opportunities for BTR and life sciences commercial space – two fast-growing sectors – can be mutually beneficial. The BTR sector is expanding rapidly, with Savills and the British Property Federation last week revealing the number of completed or planned build-to-rent (BTR) developments in the United Kingdom has increased 14% in a year.
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BTR homes now account for one in three new home completions in Manchester (34%) and nearly one in four completions in Liverpool (25%).
Meanwhile, the UK government has launched a £200m life sciences investment programme while British Patient Capital is working with the Abu Dhabi Mubadala Investment Company which has committed £800m to the UK’s life sciences industry.
Oscar Brooks, director at Moda Living, said: “We believe BtR and Life Sciences go hand in hand with a shared target dimorphic and a focus on high quality service driven real estate.”
Conor Osborne, director at Osborne & Co, said: “Our growing partnership with Moda is a truly exciting initiative and we are confident it will be a key driver in unlocking major, strategic mixed-use sites across the UK. “
Moda also earlier this month announced it has set up a co-living arm to deliver 1,000 homes a year.
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