Aviva launches JV with Moda Living to deliver Stone Yard BTR

Aviva launches a new joint venture with Moda Living to deliver Stone Yard, a new Build to Rent scheme in Birmingham.

Drone image of Moda Living's Stone Yard development in Birmingham | BTR News
Drone image of Moda Living's Stone Yard development in Birmingham.

Aviva Capital Partners, Aviva’s capital unit investing in real estate and infrastructure projects, and Build to Rent developer operator Moda Living form a joint venture to deliver Stone Yard, a new Build to Rent scheme in Digbeth, Birmingham.

“Stone Yard is great news for inward private investment into Birmingham and it will be the first big private sector development coming forward in the Digbeth area.”

Sir Tony Gallagher

The joint venture will invest in a four-acre regeneration site – delivering 1,000 Build to Rent homes with a GDV of £400m. The partnership has purchased the site from vendors Gallagher Developments Ltd and Court Collaboration.

“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 Living 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.”

John Cummins, CEO, Aviva Capital Partners

The Stone Yard development will support regeneration of this central area in Birmingham. The brownfield site is a short walk from Birmingham New Street train station, and will be close to the forthcoming HS2 station and where the BBC is making its new Midlands base – The Tea Factory.

“We’re incredibly proud of securing planning for Stone Yard back in 2020, a truly game-changing scheme with a GDV of upwards of £300m. It’s going to be first out of the blocks in Digbeth as the area really begins to flourish following the Metro extension. We look forward to seeing it progress in Moda’s very capable hands and as always, proud of what our JV with Sir Tony Gallagher is delivering for our great Second City.”

Anthony McCourt, CEO, Court Collaboration

Moda living will deliver and operate Stone Yard, which will focus on best-in-class design and energy efficient smart buildings. The scheme will include a variety of amenities and green spaces, including landscaped public areas and roof terraces.

“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 or 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 investments 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 forward in the coming months and years.”

Tony Brooks, Managing Director (MD), Moda Living

This joint venture is Aviva’s latest investment in housing. This news follows the company’s £100m joint venture with Stories in March this year.