Aviva Capital Partners (ACP) and Moda Living have formed a joint venture to build 1,000 build-to-rent (BTR) apartments in Digbeth, Birmingham, with a GDV of £400m.
The scheme will be delivered on a brownfield site, which was purchased from vendors Gallagher Developments and Court Collaboration, and will be called Stone Yard.
The Digbeth scheme, which is located a short walk from Birmingham New Street train station, will consist of energy efficient smart buildings complemented by a range of resident amenities and green spaces.
The JV with Moda is ACP’s first move into the BTR sector and the partners are on the lookout for further large scale regeneration opportunities around the UK.
John Cummins, CEO of Aviva Capital Partners, said: “Birmingham is a fantastic city which we are delighted to be investing in. New, high-quality accommodation is vital for Birmingham to continue to thrive and meet its undoubted potential. Aviva and Moda are developing approximately 1,000 high quality homes right in the centre of the city which will boost the local economy and support the UK’s ambition to develop attractive and environmentally-friendly living spaces in our cities.
Tony Brooks, managing director at Moda Living, added: “At Moda we pride ourselves on creating thriving communities where people can live their healthiest, most sustainable lives and this landmark deal with Aviva allows us to deliver this at meaningful scale. Partnerships like this are an important part of the solution to the UK’s current housing crisis, facilitating major brownfield regeneration into thousands of new, sustainable homes.
“Stone Yard promises to feature not only our unparalleled resident experience and excellent customer service, but also social value initiatives and investment in skills and training that will benefit the local community for many generations to come. Stone Yard is at the heart of the Digbeth regeneration area and as our first scheme in this area of the city, we are very excited to bring it forwards in the coming months and years.”
