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.