Goldman Sachs bankrolls Brum’s tallest resi project

Aaron Morby 6 years ago
Share

Joint venture partners Moda Living and Apache Capital have secured funding from Goldman Sachs to deliver Birmingham’s planned 42-storey residential tower.

Contractor John Sisk is lined up to deliver the Broad Street skyscraper, which will be the tallest residential block in Birmingham.

The £118m funding deal is Goldman Sach’s first foray into the UK build-to-rent market and signals growing confidence in the market among investors and funders.

Glenn Howells Architects designed the 132m tall building

Work can now start on the 481-apartment tower, which has been designed exclusively for rent, offering hotel level service and a 200m running track around the podium building roof – one of the first in UK housing.

The Broad Street job will be Sisk’s biggest Midlands scheme to date with a development value of £184m.

The project will transform the derelict site of the former Click Club at Burberries, which hosted bands such as Blur and Primal Scream, underpinning the regeneration of the Broad Street area.

Johnny Caddick, managing director at Moda Living, said: “We are passionate about moving the bar for rental housing and I hope this visionary scheme can play a party in ushering in a new class of housing to Birmingham. We want to demonstrate that renting doesn’t have to be a necessity but a lifestyle choice too.”

Together, Apache Capital and Moda have one of the UK’s largest multifamily housing pipelines with 6,500 apartments across nine cities in England and Scotland.

Latest news

True cash cost of HS2 to date tops £40bn

New figures ditch 2019 prices as project switches to full cash terms
17 hours ago

Guinness opens bidding on £250m remediation framework

Fire and structural remediation jobs up for grabs nationwide
16 hours ago

Wills Bros wins latest £152.7m A9 dualling deal

Contractor beats off competition from Balfour and Graham
2 days ago

Lorne Stewart pulls plug on modular arm as losses mount

MDSL modular business wound down as parent LSRM reports £1.9m loss
2 days ago

New law to force tower block cladding fix by 2029

Jail threat looms as £1bn fund launched to fix unsafe social housing
3 days ago

Infrastructure Pipeline published with 780 projects worth £530bn

New online tool to provide live updates on hundreds of schemes
3 days ago

World’s largest crane lifts Hinkley dome: Video

Construction times cut by 30% on nuclear site
3 days ago

Aviva funds council housing push in north London

Barnet council seals first big institutional funding deal for housing
2 days ago

Tarmac lands Welsh road repairs deal

Tarmac will also be able to bid for improvement work on the A55 North Wales Expressway
2 days ago

Flannery invests £22m with JCB to boost fleet

Plant hirer strikes latest deal with machinery giant as fleet investment continues
3 days ago

BAM boots Danny Sullivan off £100m HS2 bat tunnel

Contractor terminates labour supply deal on controversial project
3 days ago

Mace confirmed for £200m Paddington overstation job

Helical JV also sets start date for 429-room student job over Southwark station
3 days ago

Kier names new construction boss for clients and markets

Rebecca Boundy promoted to lead sector teams after year of framework wins
3 days ago

Elements Europe went down owing supply chain £8.7m

Korean owner kept offsite specialist afloat with £71.8m of loans in bid to stem losses
4 days ago

Bristol awards £288m civils and highways framework

Eurovia, Tarmac, Colas and regional SMEs share 10-lot deal
3 days ago

Kier seals PCSA deal for £55m Bridgend school

Heronbridge special school move back on track after cost hike and delay
3 days ago

Mobile crane fire closes M11 motorway

City Lifting machine catches fire in Essex
3 days ago

Altius and Erith win landmark London tower rebuild

Westminster council advances Huguenot House redevelopment
4 days ago

Corbyn suppliers left £4.4m out-of-pocket

£33m-turnover civils contractor only employed eight staff
5 days ago

McAlpine to restore England’s largest Victorian water tower

Colchester’s iconic ‘Jumbo’ to be reborn as visitor destination
4 days ago

Andrew Scott lands £20m Grand Pavilion revamp in Porthcawl

Restoration of landmark Art Deco building gets underway with 2027 finish target
4 days ago

Keepmoat profit drops 35% as completions slide

Land pipeline expands to 24,400 plots as firm eyes rebound
4 days ago

Bid race begins for £425m water transfer scheme

Contractors invited to help shape Affinity Water project
4 days ago

Legacy building defects return to haunt Barratt Redrow

House builder sets aside £248m for Redrow fire and concrete frame fixes
5 days ago

Skanska agrees £153m price to revamp A47 Thickthorn junction

New link roads and underpasses to ease traffic near Norwich
5 days ago

First tower plans go in for £1bn Liverpool Pier Head site

First design will "set tone" of scheme which could contain 60-storey tower
5 days ago

Barhale creates new low-carbon chief board role

Haddon takes board seat while Solomon becomes eastern regional director
5 days ago

Met Police preps £300m framework for estate upgrade

Early market talks start ahead of October bid contest
5 days ago

Raft of SME firms win £94m framework places

More than 50 demolition and asbestos specialists chosen: Full list
5 days ago

GRAHAM gets go-ahead for £110m Boddingtons Brewery revamp

Work to start this summer after Gateway 2 approval secured
6 days ago