Build to Rent developer and operator – Moda Living – launches a co-living arm, adding to its portfolio of rental living platforms. The new platform brings Moda’s total pipeline to 10,000 homes with a combined GDV in excess of £3.5bn.
With an initial focus on London and the South East, and an initial pipeline of developments worth £1bn, Moda has secured six sites totaling 2,600 co-living units – with more sites in negotiation stages. Moda confirm it is on track to deliver around 1,000 co-living homes per year from 2022. A dedicated team was recruited during the Covid-19 pandemic who will run the co-living operation from Moda’s Central London office.
Based on Moda’s brand foundations of best-in-class customer service, health and wellbeing, technology and ESG, the new co-living offering will include gyms, co-working spaces, lounges and more. The neighbourhoods will focus on helping its communities live a wellness-focused lifestyle, supported by 24/7 onsite teams and leading technology throughout the spaces.
“Moda Living is building a family of platforms in the living sector that will provide state of the art, high tech, sustainable homes that cater to all requirements and demographics.
“Co-living is an exciting market with huge potential and complements Moda’s existing portfolio of thriving rental communities. We are extremely excited about working in this space and look forward to embracing the many opportunities the platform will offer, as well as creating best-in-class studio homes for the next generation of renters.”James Edwards, Development Manager, Moda Living’s co-living platform
Moda’s co-living neighbourhoods will build on their existing Build to Rent portfolio – and the company’s commitment to having a positive impact on its surrounding communities. As with current Build to Rent schemes, Moda will – where possible – recruit locally for its construction and operational teams, creating jobs and supporting the local economies. They will prioritise working with local and independent businesses to create tailored living experiences for co-living residents.
Moda confirms it will also focus on using sustainable building materials and best-in-class technology at its new co-living schemes – to construct and operate some of the greenest neighbourhoods in the built environment sector.
“There is a rental revolution happening, and years of planning and preparation means Moda Living is positioned to lead the charge on creating outstanding homes for people of all ages and requirements.
“We are extremely excited about our co-living platform, as the model is based on the same core values Moda Living has always held: creating close knit communities with lifestyle and wellbeing at their heart, supported by the best technology and sustainable practices. This is a crucial step in the business’s journey, and we look forward to seeing the new communities come to life.”Johnny Caddick, Chief Executive at Moda Living
This announcement follows the family-run business’s recent opening of The Lexington Build to Rent scheme in Liverpool, with over 40% of the development pre-let. Moda is also on track to open a further four neighbourhoods by the end of 2022.