Last updated 12 April 2022
Moda Living
Moda Living is one of the UK’s leading developers and operators of build-to-rent residential developments. Founded in 2014, Moda has pipeline of more than 18,400 homes with a combined GDV in excess of £6 billion and turns over more than £200 million a year.
Financials
In the financial year covering the 12 months to August 2021, earnings at Moda Living have surged. Turnover leapt to £202.9 million (2020: £119.9 million). Pre-tax profits hit £14.9 million (2020: £3.1 million profit). At an operating level, Moda Living’s profits ballooned to £15.2 million (2020: £3.6 million).
To view the financials for Moda Living Ltd, visit Companies House and use Company ID 9640283.
Operations
Moda Living was founded by Leeds-based construction group Caddick Group and Harrogate-based developer Generate Land, and the immediate parent company is Caddick (JPC Developments). The ultimate controlling party is Paul Caddick. Moda has its headquarters are at 26 Chester Row in London”s Belgravia district and offices in Leeds and Harrogate.
Caddick Group is based in Leeds, and a number of Moda schemes are being developed in this area, including the £300 million Soyo scheme on a six-acre site at Quarry Hill. This scheme will deliver more than 800 homes and a hotel and is being developed with Caddick Developments (Project ID: 05013038).
Moda Living works with public and private sector partners to develop schemes. Investment group Apache Capital Partners and Moda are delivering 6,000 BTR units. Of this total, around 2,000 are on site and funding has been secured funding to deliver the remainder.
Schemes developed by Moda Living and Apache Capital Partners include the £260 million Ludgate Hill joint development in Birmingham, where the city council is also involved with the scheme to provide 772 units (Project ID: 20106291) and the Brighton & Hove to Build-to-Rent Village.
Mod and Apache Capital work with other organisations and partners on developments. Examples include the development of more than 800 homes on the site of Sackville Trading Estate and Hove Goods Yard (Project ID: 18241090). This scheme is a joint venture with Apache Capital Partners, LaSalle Investment Management and Coal Pension Properties.
The £78 million Holland Park scheme for 433 apartments on the site of a former police headquarters in Glasgow is being developed with Apache Capital, the Scottish Police Authority and Harrison Real Estate (Project ID: 16389114).
Moda works with a number of other development partners include Calthorpe Estates, Court Collaboration, LaSalle Investment Management, London Square Living and Osborne + Co.
In November 2021, Moda agreed a joint venture with funder KKT to deliver 5,000-mid-market BTR homes. The first development to be delivered through this joint venture with be 398 homes at New Garden Square at Edgbaston in Birmingham (Project ID: 19395407). Other sites identified for this JV include developments planned in Brighton & Hove and London.
Moda also has separate plans for a £1 billion suburban BTR venture with fund manager Ares Management Corporation to deliver more than 5,000 homes by the end of 2025. The first sites for the first 1,000 homes have been secured and construction is due to start during 2025 on the first projects.
Glenigan Data
In the 12 months to Q1 2022 calendar year, Moda Living was part of consortia that awarded main contracts to contractors valued at £240.0 million (2021: £347.4 million).
Conclusion: Pipeline keeps flowing
Moda Living has thousands of new homes either completed or on-site and a large pipeline of developments moving through the planning system. The group’s work with regular partner Apache Capital is delivering many of these projects, but Moda continues to develop new partnerships and works with other private sector partners.
Examples include the £350 million proposal for more than 1,000 homes on the site of a former Saica packaging factory in Edinburgh, which is a joint venture with Osborne + Co and still in the planning pipeline (Project ID: 22133192).
The group is also pursuing a strategy of creating communities rather than solely residential schemes and developments are increasingly mixed-use with the inclusion of offices and other commercial elements.
New Garden Square is a joint development with Court Collaboration, which is delivering 345 flats, 500,000 sq ft of Grade A office space and a hotel in Birmingham (Project ID: 19395407). Other major developments in the pipeline include the £205 million Lancefield Quay, which will deliver 750 homes, offices and a hotel in Glasgow in conjunction with GRDI Europe (Project ID: 21560438), and plans for 704 flats at Heworth Green in York (Project ID: 19065217).
The average project going to man contract award in the 12 months to Q1 2022 was valued by Glenigan at £240.0 million (2021: £347.3 million). However, as Moda Living typically works in joint venture the exposure is lower. The group’s share of these projects that went to main contract award was valued at £67.8 million (2021: £115.5 million).
The group utilises modern methods of construction on its projects. For example, Offsite Solutions is providing bathroom pods on its Holland Park in Glasgow (Project ID: 16389114). Regular partner Apache has a 3,000 pipeline of homes being delivered through MMC called Present Made.
The group may be intrinsically linked with a construction company in Caddick Group, which does work on some of the group’s projects such as the SOYO scheme in Leeds, but work from Moda’s pipeline continues to benefit a plethora of other contractors, which reduces risk.
Greater emphasis on offsite solutions seems inevitable to counter materials and labour shortages, which both present a short term challenge to Moda Living’s plans but the fundamental imbalance of the housing market – too many people, not enough homes – look set to support the company’s ambitious plans in the longer term.
Winning Work With Moda Living
Glenigan’s research shows that main contractors that Moda Living works with include Midgard, Robertson Construction and Winvic. Architects and planners that are working on Moda Living’s developments include CBRE, DLG, Glancy Nicholls, Iceni Projects, Keppie Design, Planit IE and Whittam Cox.
Key Moda Living procurement contacts include:
Managing director – Johnny Caddick, tel: 01423-560200
Director of projects – Andrew Parker, tel: 01423-560200
Project director– Mark Howe, tel: 01423-560200