The first residential skyscraper to be built outside of London since the 2008 financial crisis came a step closer today after MODA, the builders behind Angel Gardens, the £153m development by Manchester’s Victoria Station secured a £85m loan from a German bank to build the thirty four storey property.
The tower forms part of the private rented sector development at Angel Gardens, offer resident lounges, a state of the art cinema room and business meeting space as well as a rooftop garden complete with BBQ zones, gym and fitness classes, Yoga and the ‘Multi-Moda’ sport court complete with netball, tennis, basketball and football facilities and a comprehensive range of concierge services.
The scheme plans will cover an area of 520,000 sq ft and comprise 466 rental apartments.
Tony Brooks, co-managing director at Moda Living, said: “The potential for institutional investment to help regenerate cities across the North is clear. Taking a long-term approach to housing, where we not just deliver it but operate the buildings, means that renters and local authorities can have the confidence in create genuinely cohesive communities.”
German bank Deutsche Pfandbriefban will be loaning the money and the development is expected to be completed in two phases between 2019 and 2020