Funding deal to deliver 22-storey Glasgow BTR tower by 2023
January 6 2021
A significant build to rent development in Glasgow after Moda Living reached a funding agreement to proceed with 433 homes at the former Strathclyde Police headquarters on Pitt Street.
The deal will see Apache Capital and Harrison Street form a joint venture to fund Holland Park, a collection of four apartment blocks designed by Haus Collective will include a mix of resident amenities and commercial space including cafes and co-working space centred on a 22-storey tower.
Tenants will be drawn through on-site provision of communal lounges and 'health and wellbeing' zones together with 31,000sq/ft of outdoor amenity space and landscaped terraces.
John Dunkerley, CEO and co-founder of Apache Capital Partners said: “Alternative residential sectors such as build-to-rent were already seeing increased interest from institutional investors prior to the pandemic thanks to compelling market fundamentals and the promise of liability matching income streams with defensive, counter-cyclical qualities.
“Covid-19 has further demonstrated the resilience of BTR as an asset class, while we continue to outperform expectations at Angel Gardens in Manchester, our flagship UK BTR development with Moda Living."
Demolition works concluded on-site in March last year with practical completion not expected until the tail end of 2023.