Moda Living and its main contractor – Beijing Construction Engineering Group International (BCEGI) – top out the tallest tower on Liverpool’s waterfront – The Lexington Build to Rent scheme, officially marking it with a ceremonial christening of the building on 25 August 2020.
“I’m delighted to be here to mark such a significant step forward for the project. This project represents a complex construction challenge; and I am very proud that our hard work has delivered such an iconic new skyscraper for Liverpool Waters, transforming this famous skyline.”Dongwen Yu, Lead Director, BCEGI
Held at Peel L&P’s Liverpool Waters, representatives of Moda and BCEGI took part in the ceremony to mark the milestone, by pouring ceremonial items on a tree at the top of the building to bestow good luck upon it.
“Topping out at The Lexington is another significant milestone for Moda and being able to see the tower standing tall along the waterfront is a very proud moment for our business. This part of Liverpool is a truly exciting area, and with such substantial investment, Liverpool Waters is becoming an extraordinary part of the city with vibrancy and life all around, it’s a pleasure to see that our development will play a role in this.”Tony Brooks Managing Director, Moda
The Lexington 34-storey tower is the tallest building along the waterfront and has views across Liverpool. Its construction was funded by a £58.5m debt facility secured by Apache Capital from LaSalle Investment Management – and is due to open in summer 2021. The development is also part of Peel L&P’s £5bn Liverpool Waters, the biggest single regeneration project in the history of the city – which is set to transform 60 hectares of historic docklands.
“This is another significant milestone for Liverpool Waters and in particular Princes Dock. The Lexington is a great example of the high calibre of developments being brought to the city’s waterfront within Liverpool Waters and we look forward to welcoming its residents next year.”Darran Lawless, Development Director, Peel L&P’s Liverpool Waters
The Lexington – named as such due to Liverpool’s historic links with New York has been designed by Falconer Chester Hall architects. The development will include 325 Build to Rent homes – a mix of studios, one, two- and three-bedroom apartments.
“Falconer Chester Hall are delighted to see The Lexington reach its topping out. The design of the building for Moda Living was inspired by Liverpool’s maritime history and links with New York. It will be the tallest residential building in the city’s Liverpool Waters area and forms part of the wider regeneration masterplan. We have worked closely with Moda Living and BCEGI throughout the journey, bringing The Lexington to life, from a design concept through to completion in 2021.”Adam Hall, Managing Director, Falconer Chester Hall
Amenities include shared lounges, flexible workspaces and a cinema room, gym and roof gardens. There is also a 24-hour hotel-style concierge service and round-the-clock professional management – all included in the rent with no deposits and no fees. The MyModa app available to residents also allows them to report maintenance issues, communicate with the concierge, book events, and even acts as the apartment key.
“The Lexington is not just a great building, but with a lifestyle design that is purpose-built with residents in mind, from how they interact with our on-site teams to ensuring they are completely integrated into city life. Following the opening of our flagship neighbourhood, Angel Gardens in Manchester, we can see how impactful this way of living is and we look forward to bringing this to Liverpool next year.”Tony Brooks Managing Director, Moda
The Lexington is one of several Moda Living projects that sits in the joint venture with Apache Capital, funded by Harrison Street Real Estate and NFU Mutual – the UK’s largest privately funded Build to Rent platform. Moda also recently agreed to a major corporate pre-let of 25% of the final phase of Angel Gardens– its flagship Build to Rent scheme.
Moda and Apache Capital already have £850m of projects under construction, with more expected to start on site during 2020 – the first phase of its £2.5bn pipeline of over 7,500 rent-only homes. Moda is targeting in excess of 10,000 residents living in its communities and part of the brand within the next three years.
“The fact we have been able to reach this milestone in what has been an unprecedented and incredibly difficult time is a real testament to the capabilities of our partners on this project.
“The resilience of Build to Rent as an asset class has been proven during this pandemic and we expect more institutional capital entering the sector in search of 4/5-star product – or what the US calls Class A multifamily – that has proven particularly durable. Institutional investors will be wanting long-term, steady income streams with defensive, counter-cyclical qualities and that is exactly what premium Build to Rent assets provide.”John Dunkerley, CEO and co-founder, Apache Capital