Rettie advises for Single Family Rental operator Casa by Moda’s first-ever Scottish neighbourhood. Set to be delivered by CCG in Glasgow.
Rettie have advised on the successful acquisition of Vista Park, a £41m Single Family Build-to-Rent development located the east end of Glasgow. The project which comprises 156-units will regenerate 6.5-hectares of brownfield land and deliver a mix of one and two-bedroom apartments and two, three and four-bedroom homes.
One of the UK’s most exciting emerging markets, single family BTR targets suburban locations and developments typically with a lower density mix as opposed to the traditional city-centre locations historically associated with BTR.
CCG, having sold the site, will now collaborate with Casa by Moda to build out the new homes to a market-leading standard of energy performance at their in-house offsite panelised construction facility and utilising their expertise will complete the development in 2025.
The development is the first of its kind for Casa by Moda in Scotland and will deliver an inclusive offering designed to prioritise health, wellbeing and sustainability. Smart technology is to be installed in every home allowing residents to monitor air quality, energy usage and carbon emissions as well as pre-empt maintenance issues.
As the long-term operator Casa by Moda will offer a host of resident amenities such as dog walking, window cleaning and gardening services available directly through he MyCasa app. They will also promote community events such as pop-up stalls from local restaurants and food vendors and organising outdoor fitness workshops for residents through its diverse range of partners.
Sandy Gilmour, Head of Development + Investment at Rettie, added:
“Rettie is pleased to have successfully brokered this ground-breaking translation on behalf of our longstanding client Casa by Moda.
It is the first single family, houses for rent, residential investment deal in Scotland following on from the rent freeze and mini-budget.
The transaction illustrates that leading market knowledge and investment expertise can help unlock deals, even in the most challenging of political and economic conditions. We look forward to unlocking more of these opportunities within the Central Belt of Scotland.”
Jonny Caddick, Chief Executive at Moda Living said:
“We’re incredibly excited to be bringing Casa by Moda to Glasgow for the first time. There is a significant undersupply of quality rental homes across Scotland and in Glasgow in particular. With rental prices on the rise, residents want and deserve to be sure that they are getting value for their money and long-term security. At Casa by Moda, that’s exactly what we’re committed to delivering.
“Our Casa, Vista Park neighbourhood will deliver quality, sustainable homes in a vibrant and inclusive community, harnessing innovative tech to provide a standout offering with health and wellbeing at its core.
“We can’t wait to welcome our first residents later this year and look forward to seeing Casa, Vista Park become a thriving community which enriches the lives of the people who live there.”
Calum Murray, Director, CCG said:
“Single Family Rental, given the necessary support of Government, is a major emerging market for housing and the construction sector in Scotland.
“We are delighted to be working in collaboration with Casa by Moda to bring this innovative family rental model to Glasgow for the first time. The level of investment created by this partnership, is particularly significant for our business, for the housing market and for the city of Glasgow, especially in the east end where our commitment to provide high-quality homes and sustaining jobs is hugely important for the local economy.
“Through our engagement with the city and the community from the outset, we are aware of how positively this new development is welcomed locally. Casa, Vista Park will be transformational and presents a real opportunity for families in Springboig and further afield to live in quality, efficient and spacious homes in a unique, and highly-accessible setting.”
Rettie advised Casa by Moda on the deal alongside DWF, while CCG was advised by Savills and Andrew Strathern.