Moda Living is preparing to launch a new platform dedicated to co-living in the capital.
The developer has secured initial funding and land in London and the South East for a pipeline of developments with an end value of £1bn.
Earlier this year, Moda explored a potential acquisition of The Collective. However, the developer’s strategy will focus on securing consents for ground-up builds providing studio rentals in central locations.
The new business will be led by James Edwards, former development manager at Pocket Living. At Pocket he was responsible for securing planning across key sites in London, including the developer’s largest scheme to date in Waltham Forest.
Edwards joined Caddick Developments and Moda at the start of this year. He previously worked at Capital & Counties Properties, again as development manager.
Moda said it has six schemes secured, providing 2,600 homes and an average scheme size of over 400 homes complemented with amenities including gym, co-working and lounge space. The new platform aims to provide at least 1,000 homes a year.
Moda’s announcement comes just weeks after co-living poster child The Collective fell into administration. As by far the largest operational developer, the The Collective’s challenges have created uncertainty over the future of the sector, reinforcing fears of changing consumer demands in the wake of the pandemic.
However a number of developers – for example, Tide , Watkin Jones and Dandi Living with British Airways Pension Trustees – have committed to the co-living with sites in development across the country.
The strategy will be the third for Moda, following the BTR joint venture with Apache and a recent tie-up with Ares to deliver single- family housing.
Johnny Caddick, chief executive at Moda Living, said: “The model is based on the same core values Moda Living has always held: creating close-knit communities with lifestyle and wellbeing at their heart, supported by the best technology and sustainable practices.”
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