Apache Capital has completed a flurry of commercial lettings across its joint venture multi-family portfolio with Moda Living.
In Birmingham, Apache has let a 4,500 sq ft unit to Asda at The Mercian – the city’s tallest residential tower (pictured) – as part of its new c-store concept, and the company has also sealed a 4,000 sq ft deal with Tesco at Great Charles Street, the new 722-unit neighbourhood.
In Edinburgh, Apache has agreed lettings with Scot Mid Co-Operative and an independent speciality food-led convenience store at the 524-unit The McEwan scheme.
Jamie Snary, executive director of asset management and operations at Apache Capital, said: “Our prime multi-family portfolio offers city centre living and has been delivered with the highest quality amenities and services for a mix of time poor consumers. We are creating neighbourhoods that are long-lasting and serve residents’ lifestyles. With many working more flexibly post-Covid – whether it’s home working or adopting a hybrid working style – we have already included co-working spaces across our schemes and, as a result, more of our residents are choosing to shop locally and more frequently with ‘top up shopping’ and convenience front of mind.
“Having convenience stores as anchor commercial occupiers in such new placemaking schemes is crucial by adding another level of amenity to our residents. Furthermore, convenience stores have been an out performer of retail over the last few years and as investment managers, securing these long-established operators adds both income and value for our investors.”
Richard Smith, managing director of operations at Moda Living, added: “These lettings are brilliant additions to the lifestyle and convenience at the fingertips of our residents and enhance our city centre living offer even further. We’re proud to be working with a blend of leading household brands and independent retailers in neighbourhoods across the UK, bringing more choice to our residents and wider city communities.”
Apache is advised by Metrus on commercial leasing.
