Two Yorkshire developers have entered into a joint venture and signed a deal with Peel Group to build a residential tower as part of its Liverpool Waters scheme.

Wakefield’s Cadick Group and Harrogate’s Generate Land are the groups behind Moda Living, which also has residential development plans as part of the NOMA scheme in Manchester, sites in south London, two further schemes in Leeds, the City One project in Holbeck, and the Quarry Hill construction project next to the West Yorkshire Playhouse.

The Liverpool plans will comprise 325 apartments at the Princes Dock, with aims to finish construction by the end of 2017. Liverpool Waters is part of Peel’s extensive waterfront regeneration scheme for the docks north of Liverpool city centre.

Peel Group is hopes to set a “new benchmark” for the private rented sector, involving whole blocks funded and held by investment funds.

2014 has seen residential developers moving away from selling off-plan to buy-to-let landlords in pursuit of funding from institutions. Moda claims that there is a “wall of money” looking to invest as the private rented sector takes off but has not explained how its schemes will be funded.

Director Johnny Caddick said:

“Our development pipeline will focus primarily on UK cities which we feel present the greatest opportunities and as such we’re looking to set the benchmark for delivering a residential investment portfolio across the country.

“We’re already turning heads as we have more than 2,750 units under our control and we’re in negotiation on further sites in key regional cities including Birmingham, Leeds, Edinburgh, Bristol, Glasgow and Liverpool.”

Moda Living has said to have secured a development pipeline of 2,750 units with completed development value of £580 million and has targeted more than 3,000 further units with a portfolio with an end value of more than £1 billion. CBRE are advising Moda’s residential construction plans.

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Words: Peter Cribley