· Approximately 370 precision engineered smart homes for rent to be delivered at the University of Cambridge’s sustainable development at Eddington
· Landscape-led neighbourhood aims to be an intergenerational community that promotes sustainable and healthy living
· Flagship £160m scheme will help meet a pressing housing need locally and will be the first by Present Made, a vertically integrated business wholly owned and fully funded by Apache Capital
Hundreds of eco-friendly smart homes designed for rent, set in liveable streets, are to be delivered as part of the University of Cambridge’s development at Eddington.
Present Made, the UK’s first purpose-built and designed single-family rental housing platform, has been appointed by the University of Cambridge to develop sustainable smart homes as part of its ambitious 150-hectare Eddington master-plan.
Under plans submitted to Cambridge City Council, Present Made will develop and operate close to 370 rental homes – including the UK’s first family houses to be designed and built exclusively for rent – as part of a new neighbourhood that will promote healthy and sustainable living.
The £160m scheme has been curated by award-winning Jo Cowen Architects, and is centred around the four pillars of:
1. Activated Public Realm – from Liveable Streets to a Raised Garden Court, residents will benefit from a range of outdoor spaces that facilitate connectedness to nature and each other, wellbeing, walking, cycling and exercise as part of a design that prioritises people above cars
2. Community Creation – a range of internal and external amenity spaces combined with a year-long calendar of communal events will encourage residents to meet and get to know their neighbours
3. Professional Management – Present Made will retain ownership and control of the completed development, with residents benefiting from an on-site management team that is readily available, handling any maintenance issues speedily as well as organising regular socials
4. Talent Retention – by offering a new type of high quality rental housing that has never been seen before in the UK, Present Made at Eddington will help Cambridge capture and retain talent by providing an attractive alternative to homeownership that is both flexible and secure in tenure
Residents will further benefit from Present Made’s corporate focus on sustainability, with the company targeting a net zero carbon operational model as part of a wider ESG-driven strategy.
The homes at Eddington will be highly energy efficient thanks to a combination of smart technology and modern methods of construction, with the houses precision engineered in a factory environment in a process that is less wasteful, disruptive and time consuming compared to traditional construction techniques.
Eddington is the first site within Present Made’s initial £1.6bn development pipeline, which will see over 3,000 precision engineered smart rental homes delivered across the south of England.
The company has a further three sites in the Oxford-Cambridge Arc in addition to Eddington, with further announcements expected later this year. The region is one of the UK’s most innovative and productive but also has some of the highest housing costs.
Richard Jackson, co-founder of Apache Capital and CEO at Present Made said:
“It is a privilege to be working alongside the University of Cambridge in delivering the UK’s first family homes to be specifically designed and built for rent.
“Present Made homes will sit in master-planned, landscape-led communities that have been designed around people not cars, to promote active, healthy and sustainable lifestyles.
“Harnessing the power of institutional capital, Present Made will own, develop and operate beautiful, sustainable homes for the long term. Our aim is to create a new way of living, providing aspirational yet attainable housing set within living streets and active communities that are integrated with their surroundings. Our vision is to encourage healthy and sustainable lifestyles, making them second nature to our residents.
“Present Made will help the University and City attract and retain talent as part of a multi-tenure diversified intergenerational community to complement the exceptional placemaking and quality of mixed-use development already delivered by the University.”
Brian Nearney, Commercial Director from the University of Cambridge, commented: “Eddington sets the standard in sustainable living. Unprecedented in its ambition and scale, Eddington is part of the University’s plans to safeguard its future as a world-leading university by providing key workers, students and the wider community with a vibrant place to live.
“Present Made will take a unique role at Eddington with the delivery of highly sustainable family homes and their on-going community development work which complements the overall masterplan vision.”
Jo Cowen, CEO of Jo Cowen Architects, said: “Present Made at Eddington will be characterised by a high-quality of architecture and a highly-liveable public realm, with the idea of time well-spent being central to the concept.
“We have designed a sustainable neighbourhood focused around people, not cars, which aims to connect an intergenerational community with one another and improve the quality of everyday lives through high quality homes and streets.
“The scheme will deploy modern methods of construction through bespoke design, integrating new technologies with a holistic vision to deliver a development and amenity spaces that promote sustainable living, wellness, human connection, personal growth, and common unity.”
The University of Cambridge was advised by Bidwells.
About Eddington
Eddington is a mixed academic and urban community: a place that is sustainable, long lasting and ambitious offering a high quality of life to enhance both the City and the University of Cambridge.
The vision for the 150-hectare development includes: 3,000 homes; 2,000 student bedspaces; 100,000 sqm of new academic and commercial research space; as well as space for senior living, a community centre, supermarket and shops, health facilities, a primary school and nursery, a hotel and extensive open space and landscaping
· New sustainable housing development targeting a net zero operational carbon model will see 650 precision engineered smart homes delivered
· The £215m scheme is Present Made’s second site in the Oxford-Cambridge Arc and will help meet a pressing housing need
· Residents will have access to a range of amenities as well as a new 87-acre country park, with a new primary school built on-site too
Present Made, the UK’s first company to develop, own and operate single-family homes designed exclusively for rent, has announced plans for its largest scheme to date on a site in Central Bedfordshire.
The 68-ha site, acquired from Valorem Investment Partners (‘Valorem’), is situated at Thickthorn Farm – just north of Houghton Conquest – and forms part of the wider Wixams Park master-plan. Valorem achieved outline planning consent in 2018 following the freehold acquisition of the farm in 2014.
Present Made, which is wholly owned and fully funded by investment manager Apache Capital, aims to create a new community that promotes health, wellbeing and sustainability and is integrated with its surroundings.
In addition to 650 precision engineered smart homes, of which 35% will be affordable, the £215m GDV development, named Mill View, will also include a primary school and an 87-acre country park. The country park will be open to the public and make up over half the site’s total area.
To appeal to a broad range of demographics, a mix of two, three and four-bedroom homes will be provided at Mill View, which will be owned and operated by Present Made for the long-term. All the homes will be highly energy efficient thanks to the integration of smart technology and use of modern methods of construction. Such technologies will be crucial to Present Made meeting its net zero carbon operational target.
Under designs by award-winning Jo Cowen Architects, Present Made of Mill View will combine important green infrastructure with beautiful connections to support residents and wildlife, along with landscape corridors to create opportunities for active travel across the site.
The £215m GDV scheme includes a range of on-site amenities, which will be free for Present Made residents to use, with access covered in the rent.
Residents will also benefit from on-site professional management provided by a dedicated in-house team, who will help organise events and other communal activities in the shared spaces as well as handling any maintenance issues.
Present Made of Mill View is the company’s second site in the Oxford-Cambridge Arc, with the company’s flagship development forming a key part of the University of Cambridge’s award-winning 150-ha Eddington master-plan. Present Made has an initial £1.6bn development pipeline, which will see over 3,000 precision engineered smart homes for rent delivered across 10 sites in southern England.
Richard Jackson, co-founder of Apache Capital and CEO at Present Made said: “Today’s announcement demonstrates the seriousness of our ambition in creating the UK’s leading purpose-built and designed single-family housing platform, delivering large-scale schemes using modern methods of construction and putting health, wellbeing and sustainability at the heart of our designs.
“Present Made was appointed by the University of Cambridge to deliver housing as part of its Eddington master-plan as they were impressed by the quality and the originality of our proposals and Present Made of Mill View will similarly be an exemplar scheme that sets new benchmarks for design, quality and service in the UK’s single-family housing sector.
“Fundamentally we want to do more than simply offer people a better home, we want to offer them a better lifestyle, where living sustainably is second nature. That is why we have invested heavily into the master-planning, design and development of our neighbourhoods and also considered carefully the services and amenities that we will provide onsite.
“There is currently no purpose-built family rental housing in the UK despite couples with children being one of the fastest growing segments of the renting population. Present Made of Mill View will not only offer a new type of high-quality sustainable housing that is both flexible yet secure in tenure while still being attainable to people on ordinary incomes.”
Anthony Maxwell-Jones, founder of Valorem Investment Partners said: “We are delighted to have sold the property to Present Made having delivered a planning consent that will provide much needed affordable housing, public open space within the Country Park and schooling for the local community.
Apache Capital Partners (“Apache Capital”) and Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, are to fund a landmark build-to-rent (“BTR”) development in central Glasgow that will be delivered and managed over a long-term horizon by Moda Living, a leading UK investor, developer and operator of BTR housing.
The scheme, known as Holland Park, will see the former Strathclyde Police headquarters on Pitt Street replaced by four apartment blocks providing 433 homes for rent in total. Demolition works have already finished March 2020, with completion Q4 2023.
The investment is the fifth project in the BTR joint venture (“JV”) between Apache Capital and Harrison Street. Apache, backed by UK insurer NFU Mutual, and Harrison Street, launched the JV to deliver high quality BTR developments in core cities across the UK.
In addition to Holland Park in Glasgow, current Moda neighbourhoods being funded by the joint venture include The Lexington in Liverpool, The Mercian in Birmingham, New York Square in Leeds, and Springside in Edinburgh, representing a total of 2,322 homes.
Apache Capital and Moda Living purchased the Holland Park site in October 2016. The transaction, which was one of the largest property deals to take place in Scotland after the Brexit result, marked a clear vote of confidence in the Scottish rental market.
As well as creating new homes, Holland Park will provide 15,000 sq. ft. of internal amenities, including communal lounges and health and wellbeing zones. A further 31,000 sq. ft. of outdoor amenity space will be provided, with the four apartment buildings that form Holland Park to be set around a courtyard open to the wider public during the day. Moda residents will also have access to landscaped terraces overlooking the Glasgow skyline, while mixed commercial and leisure space will be provided on the ground floor, including cafes, bars, restaurants and co-working facilities.
Glasgow is Scotland’s most populous city and the third most populous in the UK. Major employers include banks and insurance firms such as Barclays and NFU Mutual, leading energy companies such as ScottishPower and national broadcasters including the BBC and Channel 4.
Apache Capital Partners and Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, have secured £80m debt funding to finance the construction of Moda Living’s build-to-rent neighbourhood on the site of the former Strathclyde Police headquarters in central Glasgow.
Named Holland Park, the 433-home development is the fifth investment to be brought forward in the Apache Capital and Harrison Street joint venture and will be developed and operated for the long term by Moda Living.
The four-year debt facility provided by BentallGreenOak will fund the construction and stabilisation of Holland Park. Start on-site for the first phase is due shortly, with completion expected in late 2023. Demolition work is expected to be complete in March 2021.
Prior to providing construction financing for Holland Park, BentallGreenOak had helped fund a number of site acquisitions by Apache Capital in core cities across England and Scotland. The company has also previously provided construction financing for Harrison Street and Torsion Developments’ 290-studio student accommodation scheme in Birmingham.
As well as creating new homes, Holland Park will provide 15,000 sq. ft. of internal amenities, including communal lounges and health and well-being zones. A further 31,000 sq. ft. of outdoor amenity space will be provided, with the four apartment buildings that form Holland Park to be set around a courtyard open to the wider public during the day. Residents will also have access to landscaped terraces overlooking the Glasgow skyline, while mixed commercial and leisure space will be provided on the ground floor, including cafes, bars, restaurants and co-working facilities.
Build-to-rent (BTR) as a sector has gone from pipeline to online, with the number of completed BTR homes now standing at over 43,000 according to the latest research from the British Property Federation and Savills. While many initial BTR schemes were often converted for-sale developments, a new generation of BTR developments is arriving that have been designed from the ground up purely for rent.For the investors backing the sector, the key metric in judging an asset’s performance is the net operating income (NOI) – or in other words, the rent collected minus the costs of running a building.To discuss to what extent the design of BTR schemes can make operations more efficient, and in turn, boost NOI, Blackstock Consulting brought together Assael Architecture co-founder Russell Pedley, Ringley Group managing director Mary-Anne Bowring, who has advised a number of BTR entrants, and Jamie Snary, asset management director at Apache Capital Partners, which is delivering 7,500 BTR homes across the UK with Moda Living.
One of London’s first luxury retirement villages has just completed and is promising to offer an unprecedented level of high-end living to a new generation of older people wanting to live centrally in the city.
Developed by Audley Group in partnership with Apache Capital Partners, Nightingale Place offers 94 luxury apartments and will be home to a whole suite of on-site facilities focused on physical and mental wellbeing.
Properties will range from one to three-bedroom apartments, as well as a number of penthouses, which overlook Clapham Common and sit right next to Clapham South tube station.
Homes are still available at Audley Nightingale Place and prospective owners can be given virtual tours and conduct video calls with the sales team to talk through their options in more detail until it is appropriate to offer tours of the village itself.
The first owners, who move in May, will have access not only to round-the-clock care and wellbeing services as and when they need but also, once social distancing measures allow, the 17,000 sq. ft. Audley Club, which is open to the wider community as well as Audley owners. Facilities at the Audley Club include a library, restaurant and bar, cinema, swimming pool and luxury health club. Until that point, as in all other Audley villages, owners will be supported in their social distancing, with Audley providing shopping support, meal options, online wellbeing support including nutrition and exercise plans and numerous virtual initiatives to ensure people feel connected.
Having previously acquired the site, Apache Capital brought on Audley Group to deliver the homes in 2017. Apache Capital and Audley Group appointed McLaren Construction in 2018 in a £51 million build contract to manage construction on the project and ensure that the build completed on time and met both companies’ exceptional standards.
The £125m GDV joint venture is the first project Apache Capital and Audley Group have completed together, and marks Audley’s first London retirement village.
Moda Living (Moda), the leading developer, operator and owner of private, build-to-rent (BTR) homes, and joint venture (JV) partner Apache Capital Partners, have submitted a planning application to deliver a 722-home build-to-rent development in Birmingham.
The plans were formed following extensive engagement with key stakeholders including Birmingham City Council, the Jewellery Quarter Development Trust, the Jewellery Quarter Business Improvement District, Colmore Business Improvement District, the Birmingham Civic Society, local councillors, local businesses and members of the public. Moda also held a two-day public exhibition towards the end of February which was attended by over 175 individuals.
Moda and Apache Capital’s total investment of £445m will deliver 1,200 homes in Birmingham. This will support Birmingham’s ‘Big City Plan’ and account for a massive 24% of the councils target of 5,000 new homes per year in the city.
Apache Capital and joint venture parter Moda Living, has received the go-ahead from Brighton and Hove City Council to deliver 824 homes (564 new homes for rent and 260 homes for later living) turning a rundown trading estate next to Hove Station into a thriving inter-generational neighbourhood with extensive public gardens. Plans were approved at the Council’s Planning Committee on Wednesday, 4th March. Moda will look to begin developing the site in 2021.
Working closely with Brighton and Hove City Council, significant changes were made to the submission including increased number of family homes and decreased number of studios, enhanced daylight levels and increased availability of workspace throughout the development. The decision will help address the area’s acute housing shortage – delivering 20 per cent of Hove’s five-year housing supply whilst retaining approximately 70% of the site for use as reimagined public space for the local community including landscaped areas and an abundance of newly planted trees and gardens.
Through the platform, Apache will deploy capital across the UK, with a special focus on the South East and London, where the firm finds itself more competitive after establishing a track record in the BTR segment, CEO and co-founder John Dunkerley told CoStar News.
In 2015, Apache created a joint venture with developer Moda Living to build BTR schemes across the UK. Since then, the investor has five BTR projects under construction in key regional cities. The first scheme to open to renters was the 466-unit Angel Gardens in Manchester, which is currently 75% let after opening in October last year
Apache Capital and joint venture partner Moda Living are to go live with its plans later this month to deliver a 720-home build-to-rent community in Birmingham.
Subject to planning, this will be the JV’s second site under development in the city after ‘The Mercian’, which at 42 storeys is Birmingham and the Midlands’ tallest residential tower under construction, with a further 13 stories recently being granted by Birmingham City Council. The construction of the Mercian has been financed by a £118m debt facility from Goldman Sachs, the US investment bank’s first ever UK BTR development loan.
Moda and Apache Capital will account for a total investment of £445m and 1,200 homes in Birmingham. This will support Birmingham’s ‘Big City Plan’ and account for massive 24% of the councils target of 5,000 new homes in the city.