Moda Living, an owner-operator of private rented housing, and joint venture partner Apache Capital Partners, a real estate investment business, have partnered with UK-based firm North Star, revealing plans to transform a derelict 9-acre, former gasworks site in York into a vibrant new neighbourhood of around 700 new homes.
The £200m GDV scheme will give a significant economic boost to York.
Sitting vacant for over 10 years, the brownfield site will be transformed into a new residential community, with plans that could also include retail space, café or community use. The carefully designed masterplan, will re-connect the existing surrounding neighbourhoods by adding extensive public realm and introducing new pedestrian and cycle links.
Subject to consent, plans include 450 homes designed for rent that Moda will own and operate for the long term, plus 260 homes that will be developed by North Star for sale.
Moda and Apache Capital will also provide over 20,000 sq. ft. of on-site amenity space, including shared lounges, health and wellness zones, communal work space, extensive roof gardens with stunning views of York Minster and indoor/outdoor dining areas, all set in beautifully landscaped grounds.
Residents at Heworth Green will benefit from round-the-clock professional management with an on-site team in place to take care of any issues. The MyModa app will allow them to pay bills, organise social events and also act as a digital door key. Residents will benefit from flexible contracts with no fees or deposits in a secure and inclusive environment.
With the masterplan designed by D C Architecture, the Moda apartments will be a mix of sizes ranging from studios to three-bed homes, with secure long-term tenancies of up to five years on offer, Moda aims to cater for families, sharers and young professionals let down by the current rental market.
This will be Moda’s second scheme in Yorkshire and it’s tenth scheme in the UK, also developing 515 homes for rent at SOYO Leeds, a key part of the the cultural district in Leeds city centre.
Tony Brooks, managing director at Moda, said: “Steeped in history and consistently named as one of the best and most attractive places to live in the country, we look forward to contributing to York’s future heritage by providing high quality homes for rent within the wider regeneration of a derelict and neglected site.
“York is the UK’s first gigacity and has two thriving universities, by creating high-tech, socially connected communities, we hope to contribute towards the retention of emerging university talent.
“With our partners Apache Capital we have a proven track record of delivery, with developments underway across England and Scotland, and we are committed to delivering the site with our partners North Star.”
Richard Jackson, co-founder and managing director at Apache Capital Partners, said: “York marks our tenth city with Moda and is testament to the strength of our ambition to create the UK’s leading branded premium build-to-rent portfolio. Our focus is on creating value for our investors, and regeneration sites like Heworth Green, where we can help shape the future of a whole area, sit perfectly within our acquisitions and longer term operational strategy.”
A spokesperson from North Star, added: “With Moda Living on board to partner with us on this major regeneration project, it will bring a new concept to York and will enable the delivery of this brownfield derelict site, after many years of being vacant.
“Moda Living will be a key part of this strategic site to create a fantastic new place to live and a vibrant new community.”
Working alongside stakeholders and the local community to ensure the careful redevelopment of the site, plans will be proactively discussed at public consultation next week on 6th March.
Moda, together with strategic funding partner Apache Capital, has a secured £2bn development pipeline of over 7,000 rent-only homes in core UK cities, with schemes underway in Brighton and Hove, Birmingham, Edinburgh, Glasgow, Leeds, Liverpool and Manchester.