Moda nears pre-let for 25% of Angel Gardens

The developer said it is close to finalising a deal with an undisclosed corporate occupier to take 50 flats in the 35-storey tower in Manchester, ahead of the official lettings launch on 24 June.

Under the deal, the occupier – which cannot be named until after the pre-let agreement is signed – would take a quarter of the 200 apartments available in the final phase of the 466-unit scheme on Rochdale Road in the city’s Noma mixed-use district, to house its staff.

Moda Living is building the 530,000 Angel Gardens, whose first phase, including initial flats and a seven-storey block with commercial elements on the ground floor and car parking below, completed last January.

The residential pre-let marks the completion of the final phase, which includes apartments for private rent ranging from studios to three-beds, as well as amenities such as a gym, communal lounges, roof terraces and a co-working space.

The lower blocks opened to residents in October last year, and Moda said it has collected 98% of rents due during lockdown and secured 33 residential lettings beyond the pre-let announced today.

More than 200 people are on the waiting list to reserve tower apartments in the final phase of the lettings launch later this month, the developer added.

Johnny Caddick, managing director at Moda, said: “The future of living is changing – now more than ever it is focused on flexibility, connectivity and wellbeing, and pandemic has exacerbated these trends.

“We believe our ethos and focus on the resident experience puts us in a good position to meet the current rental market needs and a demand for value.”

The developer and its advisors were forced to apologise in February when strong winds blew aluminium panels off the tower. Work commenced to strengthen the external facade of the building.

Moda Living is also building The Lexington in Liverpool, a 34-storey tower on Liverpool Waters that will deliver 325 homes, as well as other projects across the UK.

JLL is the lettings agent for Angel Gardens. Simon Scott, the consultancy’s lead director of UK living capital markets, added: “As the residential world starts to reawaken following the pandemic, build-to-rent is emerging as one of the most resilient real estate sectors.

“As an asset class, it is closely aligned to some of the needs emerging from the lockdown, [including] flexible and high-quality housing.”