Moda acquires Sheffield site for Milton Street BTR

Moda Living acquires a Sheffield site to deliver its £136m Milton Street Build to Rent development – its first in the city.

CGI of Moda Living's Milton Street development in Sheffield. The developer operator has acquired the site to deliver its first Build to rent scheme in the city | BTR News
CGI of Moda Living's Milton Street development in Sheffield. The developer operator has acquired the site to deliver its first Build to rent scheme in the city.

Moda Living announces it has acquired a site in Sheffield to deliver its Milton Street development – the developer operator’s first Build to Rent scheme in Sheffield, South Yorkshire – bringing its lifestyle focused rental brand to the city centre.

The site has been acquired with planning permission, which will deliver 410 units – a mix of studios to three-bedroom homes across 26 storeys. With a GDV of £136m, the Milton Street Build to Rent neighbourhood will deliver the new homes with a centralised amenity provision and flexible spaces in a low- to mid-rise built form. Construction is due to begin in Q2 2023. 

The neighbourhood will offer a host of amenities including a gym and resident lounges, as well as 2,600 sq ft of commercial space for retail use. Lifestyle and wellbeing will be at the core of the Milton Street development – in terms of both the design of the building and its spaces, and the long-term operation of the neighbourhood. Moda currently operates the most residential homes in the world with a top-level three-star Fitwel certification. From best-in-class facilities and services, and provision for mental and physical wellbeing to tech-optimised living spaces, the development will encourage and enhance happy, safe and secure lifestyles for residents and the wider community. 

The Milton Street development will have strong ESG credentials, which also help Moda keep the cost of utilities down for its residents. By buying its 100% renewable energy in bulk, Moda is able to pass on the savings to residents, as well as locking in utility prices for 12 months at a time. Integrated technology and real-time ESG monitoring combined will also deliver the optimum rental experience and a better quality of life for residents.  

Smart technology installed in the new homes will enable residents to monitor and reduce energy usage and running costs. Smart sensors in each apartment will monitor the temperature and performance of each home, which residents can track in real time via the MyModa app. This maximises the sustainability of the neighbourhood and gives residents control of their energy consumption and costs of living. 

Sustainability will play a crucial part in the neighbourhood’s design and operation, with Moda targeting net zero operational carbon across its portfolio by 2030. Currently, the developer operator’s existing UK wide Build to Rent developments – including Birmingham, Manchester, Leeds, Liverpool and Edinburgh – are certifiably run on 100% energy from renewable sources. The business’s ESG strategy ‘Next Generation Futures’ lays out a range of measurable targets to ensure the business is on track to perform as sustainably as possible for the planet and its people. 

As a long-term custodian of the local communities and wider towns and cities it operates in, Moda is also committed to working with local businesses and organisations wherever possible to support skills, employment, education and economies. 

“As a Yorkshire-based family business with a UK wide reach we are really excited to bring Moda to Sheffield – we know this is a fantastic city full of history and culture right on our doorstep. The Milton Street neighbourhood will allow us to make our mark here while bringing a new generation of rental living to Sheffield City Centre.   

“We provide our residents with a living experience unlike any other, with a focus on outstanding customer service, building sustainable communities, strong ESG performance and using the latest smart technology to support their lifestyles. We look forward to continuing this legacy in the brilliant city of Sheffield. With the UK’s housing crisis worsening we are committed to continue our investing in towns and cities across the UK to provide great quality managed homes for a wide demographic.” 

Tony Brooks, Managing Director, Moda Living

Moda is working with a number of global institutional investment partners to deliver its growing pipeline of 20,000 homes for rent. Worth a combined £6.5bn, the pipeline is addressing the need for quality new homes for rent across the UK with a range of offerings at different price points to ensure something for everyone.