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PRS sector builds momentum with hat-trick of proposals

March 3 2017

PRS sector builds momentum with hat-trick of proposals
Moda Living has followed up its acquisition of the former headquarters of Strathclyde Police in Glasgow by purchasing Grosvenor’s Springside development at the opposite end of the central belt in a £215m off-market deal.

Moda and joint-venture partner Apache Capital were advised by Rettie & Co on the deal which will create 500 homes for rent in addition to 25,000sq/ft of commercial and retail space in the Fountainbridge district of the city.

Resident amenities including a gym, lounges, roof terraces and enhanced public realm will also form part of the package, with construction expected to get underway by the end of the year with completions coming in phases through to 2023.

In separate news residential investment firm Get Living has purchased a 7.5 acre site in Glasgow’s Merchant City where it plans to invest £200m in building 600 rental flats.

This build will be delivered in a single phase within 18 months subject to detailed planning permission, highlighting growing confidence in the fledgling PRS market.

A drop-in public consultation event for Moda’s own Glasgow project will be held at 200 St Vincent Street on 7 & 8 March between 15:00 and 20:00.

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