25 Aug 2020
Peel L&P's Liverpool Waters development celebrated the topping out of Moda Living's The Lexington build-to-rent scheme this week.
Representatives of Moda and contractor BCEGI took part in an official christening (25 August) of the building to mark the milestone, by pouring ceremonial items on a tree at the top of the building to bestow good luck upon it.
The 34-storey tower is the tallest building along the waterfront and boasts unrivalled views across Liverpool, while also being an integral part of Peel L&P’s £5 billion Liverpool Waters, the biggest single regeneration project in the history of the city, which is set to transform 60 hectares of historic docklands.
Designed by Falconer Chester Hall architects, The Lexington, so-called due to Liverpool’s historic links with New York, will be home to 325 build to rent apartments, ranging from studios to three-beds, with a raft of unparalleled amenities, including shared lounges, flexible workspaces and a cinema room, gym and roof gardens.
Additional services include 24-hour hotel-style concierge and round-the-clock professional management all included in the rent with no deposits and no fees, while the bespoke MyModa app will enable residents to report maintenance issues, communicate with the concierge, book events, and even acts as the apartment key.
The Lexington is one of several Moda Living projects that sits in the joint venture with Apache Capital, funded by Harrison Street Real Estate and NFU Mutual, the UK’s largest privately funded BTR platform.
The construction of the 34-storey tower was funded by a £58.5m debt facility secured by Apache Capital from LaSalle Investment Management.
Moda and Apache Capital already have £850m of projects under construction, with more expected to start on site during 2020 – the first phase of its £2.5bn pipeline of over 7,500 rent-only homes.
Darran Lawless, Development Director at Peel L&P’s Liverpool Waters, said: “This is another significant milestone for Liverpool Waters and in particular Princes Dock, which earlier this year saw the completion of further residential on behalf of Regenda and subject to receiving Council approval, the commencement later this year of 278 homes on behalf of Your Housing Group.The Lexington is a great example of the high calibre of developments being brought to the city’s waterfront within Liverpool Waters and we look forward to welcoming its residents next year.”
Tony Brooks Managing Director at Moda, said: “Topping out at The Lexington is another significant milestone for Moda and being able to see the tower standing tall along the waterfront is a very proud moment for our business. This part of Liverpool is a truly exciting area and, with such substantial investment, Liverpool Waters is becoming an extraordinary part of the city with vibrancy and life all around, it’s a pleasure to see that our development will play a role in this.
The Lexington is not just a great building, but with a lifestyle design that is purpose-built with residents in mind, from how they interact with our on-site teams to ensuring they are completely integrated into city life. Following the opening of our flagship neighbourhood, Angel Gardens in Manchester, we can see how impactful this way of living is and we look forward to bringing this to Liverpool next year.”
Dongwen Yu, Lead Director at BCEGI, said: “I’m delighted to be here to mark such a significant step forward for the project. This project represents a complex construction challenge; and I am very proud that our hard work has delivered such an iconic new skyscraper for Liverpool Waters, transforming this famous skyline.
The safety of our teams on site remains the highest priority to us and to reach this milestone in the current circumstances is testament to the strength of the relationships and collaboration between our team, our client Moda, architects Falconer Chester Hall and all of our local supply chain partners.
The next phase of construction is in full swing and we’re excited to continue working with Moda and our supply chain partners to bring this project to completion next year.”
John Dunkerley, CEO and co-founder at Apache Capital, said: "The fact we have been able to reach this milestone in what has been an unprecedented and incredibly difficult time is a real testament to the capabilities of our partners on this project.
“Developments like The Lexington will help support Liverpool’s long-term growth by providing high quality, professionally managed housing that is flexible and secure in tenure and caters to modern lifestyles by providing everything you’d ever need under one roof.
“The resilience of build-to-rent as an asset class has been proven during this pandemic and we expect more institutional capital entering the sector in search of 4/5-star product – or what the US calls Class A multifamily – that has proven particularly durable. Institutional investors will be wanting long-term, steady income streams with defensive, counter-cyclical qualities and that is exactly what premium BTR assets provide.”
Adam Hall, Managing Director at Falconer Chester Hall, said: “Falconer Chester Hall are delighted to see The Lexington reach its topping out. The design of the building for Moda Living was inspired by Liverpool’s maritime history and links with New York. It will be the tallest residential building in the city’s Liverpool Waters area and forms part of the wider regeneration masterplan. We have worked closely with Moda Living and BCEGI throughout the journey, bringing The Lexington to life, from a design concept through to completion in 2021.”
The Lexington is due to open in summer 2021.
More information here.