UK: Moda Living has bought a site in Sheffield to deliver its first BTR project in the city.
The Milton Street site has been acquired with planning permission for 410 units, which will be a mix of studios to three-bedroom homes across 26 storeys. With a GDV of £136 million, the Milton Street neighbourhood will also deliver centralised amenity provision and flexible spaces in a low- to mid-rise built form. Construction is due to begin in Q2 2023.
The development will offer amenities including a gym and resident lounges, as well as 2,600 square feet of commercial space for retail use.
The Milton Street development will have “strong ESG credentials”. By buying its 100 per cent renewable energy in bulk, Moda says it is able to pass on the savings to residents, as well as locking in utility prices for 12 months at a time.
Smart technology installed in the new homes will enable residents to monitor and reduce energy usage and running costs. Smart sensors in each apartment will monitor the temperature and performance of each home, which residents can track in real time via the MyModa app. This maximises the sustainability of the neighbourhood and gives residents control of their energy consumption and costs of living.
Tony Brooks, managing director of Moda Living, said: “As a Yorkshire-based family business with a UK wide reach we are really excited to bring Moda to Sheffield – we know this is a fantastic city full of history and culture right on our doorstep. The Milton Street neighbourhood will allow us to make our mark here while bringing a new generation of rental living to Sheffield city centre.”
“We provide our residents with a living experience unlike any other, with a focus on outstanding customer service, building sustainable communities, strong ESG performance and using the latest smart technology to support their lifestyles. We look forward to continuing this legacy in the brilliant city of Sheffield. With the UK’s housing crisis worsening we are committed to continue our investing in towns and cities across the UK to provide great quality managed homes for a wide demographic,” he added.
Moda is working with a number of global institutional investment partners to deliver its £6.5 billion pipeline of 20,000 homes for rent.
