The BTR scheme will be built on a nine acre site identified as an opportunity area by Brighton & Hove City Council near Hove Station. The proposed ‘urban village’ will comprise up to 860 homes of mixed tenure as well as workspace. Phase one will comprise 600 BTR homes and 20,000 sq ft of co-working space. The £220m scheme will also include a range of on-site amenities such as residents’ lounges, health and wellbeing facilities, BBQ roof terraces, bicycle rental, virtual sports simulators, semi-private gardens, a car club and resident allotments. Tony Brooks, managing director at Moda, said: “This latest acquisition is a landmark moment for Moda and a crucial step on our journey to become a truly nationwide brand, with projects across England and Scotland. “This is our first major scheme to come forward in the South East but first of many as we are committed to growing the portfolio across the region. We have positions on several other substantial sites and we are excited to continue large-scale acquisitions in London and the South. Our ambition is to create rental communities that thread neatly into the fabric of their surroundings across the UK while offering something far beyond what is currently available.” Previously Moda has teamed up with Apache Capital for a £2bn development pipeline of over 6,000 rent-only homes in UK cities including Birmingham, Edinburgh, Glasgow, Leeds, Liverpool and Manchester. Richard Jackson, co-founder and managing director of Apache Capital Partners, added: “Brighton & Hove has seen considerable population and economic growth in recent years and this landmark site is a great fit for Apache Capital’s strategy of continuing to focus on intergenerational real estate investments in great, prime locations in UK cities where there is a significant and growing supply/demand imbalance for high quality private rented housing. We’re building great homes and communities that people aspire to live in.”
UK property development company Moda is partnering with investment management firm Apache Capital to create a £220m ($291m) build-to-rent community in Hove. In the first phase 600 homes will be constructed, with up to 860 planned. A more than 6,000 sq ft coworking location is also part of the project. Moda's managing director, Tony Brooks, said the scheme was the firm's first major project in the southeast, adding that Moda had "positions on several other substantial sites". Moda and Apache are also collaborating on a £2bn scheme to build 20,000 rental homes in a number of major UK cities.