Deal agreed to progress £205m Glasgow neighbourhood
A planning application to transform Glasgow’s Lancefield Quay into a 730-home waterside community has been submitted with build-to-rent specialist Moda Living lined up to develop and operate the site.
Investor Osborne + Co and MRP, the property development and investment division of construction company McAleer & Rushe, have teamed up to lodge an outline planning application for the development of a four-acre site.
If outline permission is granted, Moda Living will take the site through detailed planning, delivery and into operation. This is Moda’s second site in Glasgow and third in Scotland, making it the country’s largest build-to-rent operator. It will form part of Moda’s overall pipeline of rental homes, which currently consists of 18,400 homes worth a combined £6 billion.
The outline planning application has been submitted under the joint venture name of GDRI Europe (Osborne+Co and MRP) and Moda Living. It follows a public consultation earlier this year to which the response was “extremely positive”, as people expressed their support for the new homes and regeneration of the area.
Should it secure planning consent, Moda will transform the site into an inclusive residential community of around 730 new homes, in line with the council’s city centre living strategy. As Moda’s second major project in the city, there will be a continued focus on customer service and best-in-class institutional-grade design. The homes will be accompanied by state-of-the-art amenities designed with tech and wellbeing intrinsic to the offer.
The development will regenerate a site that has lain vacant since 2007, driving the regeneration of the city quarter and linking it with the Scottish Entertainment Campus and Media Quarter, as well as the cosmopolitan Finnieston area which has undergone its own transformation in recent years.
Moda’s flagship Scottish development, Moda, The McEwan, launched in October and has been awarded the first ever 3-star Fitwel certification in Europe, a global accreditation that ranks a building’s design and operation in terms of supporting the physical, mental and social health of its occupants. Work also started earlier this year on its Holland Park development in Glasgow with a total investment of c. £125m into the city.
Oscar Brooks, director, Moda Living, added: “Glasgow has all the fundamentals we look for; it’s a well-connected, forward-looking city which boasts a strong local economy and is focused on growth which is why are committed as a long-term city partner. Construction on our Holland Park 425 home development is well advanced, demonstrating our enthusiasm for the city. We are excited to have the opportunity to develop our vision for the Lancefield Quay site and to be working alongside Osborne+Co and MRP as we bring forward a long vacant site.
“This forms part of our wider strategy and integrated structure to enable us to deliver and operate thousands of high-quality homes per annum right across the UK. We are delivering different types of homes at different price points for different lifestyle requirements driven by Moda brand foundations of unparalleled customer service, member health & wellbeing and a market leading digital infrastructure.”
Stephen Surphlis, managing director of MRP, which has numerous major development projects in leading cities throughout the UK, said: “We are excited about the impact that this development can have on the regeneration of an historic and important area of Glasgow, supporting a vibrant city centre community. The community consultation provided us with valuable feedback, with more than 90% of people in support of the residential offering and agreeing that Glasgow needs new homes. The creation of well designed, well crafted and sustainable homes is high on the council’s agenda and the Lancefield Quay site is ideally located to provide a thriving build-to-rent development which will fit in perfectly with the fabric of the area.”
Conor Osborne, director and founder of Osborne+Co, said: “This application marks an important milestone for what we hope will be a truly transformational development for this area. We have taken a strategic approach to these initial proposals and worked hard to ensure they align with Glasgow City Council’s wider regeneration ambitions to open up the waterfront and create a vibrant new location within the city. Moda’s involvement in the site will help us realise this ambition to create a single fully integrated development and we are looking forward to continued discussion with the council.”