Apache Capital has completed a flurry of commercial lettings across its joint venture multifamily portfolio with Moda Living in regional cities, as it aims to add further convenience and amenity to its rental living communities.

The investment manager, developer and operator of rental living has signed up a number of national convenience stores in schemes across Birmingham, Edinburgh and Glasgow, capitalising on the growth of the 24/7 consumer culture which continues to evolve post-Covid-19.

In Birmingham, Apache has secured Asda at The Mercian – the city’s tallest residential tower with over 481 rental apartments. The retailer has committed to taking 4,500 sq ft and is set to open in 2026 as part of its new C-store concept. Also in the city, Apache has secured Tesco at Great Charles Street, its 722-unit, highly amenitised new neighbourhood which topped in July. Tesco will be taking 4,000 sq ft for its convenience brand and will also open in 2026.

In Edinburgh, Apache has signed two retailers at The McEwan, its 524-unit scheme. The first is Scot Mid Co-Operative, which recently opened, and an independent speciality food-led convenience store, which opens later this year.

Jamie Snary, Executive Director of Asset Management and Operations at Apache Capital, said:

“Our prime multifamily portfolio offers city-centre living and has been delivered with the highest quality amenities and services for a mix of time-poor consumers. We are creating neighbourhoods that are long-lasting and serve residents’ lifestyles. With many working more flexibly post-Covid – whether it’s home working or adopting a hybrid working style – we have already included co-working spaces across our schemes and, as a result, more of our residents are choosing to shop locally and more frequently with ‘top-up shopping’ and convenience front of mind.

“Having convenience stores as anchor commercial occupiers in such new placemaking schemes is crucial by adding another level of amenity to our residents. Furthermore, convenience stores have been an outperformer of retail over the last few years and as investment managers, securing these long-established operators adds both income and value for our investors.”

Richard Smith, Managing Director of Operations at Moda Living, added:

“These lettings are brilliant additions to the lifestyle and convenience at the fingertips of our residents and enhance our city-centre living offer even further. We’re proud to be working with a blend of leading household brands and independent retailers in neighbourhoods across the UK, bringing more choice to our residents and wider city communities.”

As part of its JV with Moda Living, Apache has funded and developed over 3,000 operational BTR units in core regional cities, with another 3,000 in the pipeline as part of its prime multifamily portfolio. With schemes ranging from 325 units to over 700, neighbourhoods are being carefully curated with communities featuring a mixture of young professionals, families and, to a lesser extent, students and downsizers too.

Apache is advised by Metrus on commercial leasing.