The project will form the first phase of Caddick Development’s £300m SOYO regeneration project in Leeds’ cultural quarter.

Moda Living, a leading developer, owner and operator of homes for rent, has appointed sister company Caddick Construction to deliver 515 homes designed exclusively for rent in Leeds city centre, with start on-site due in October this year.

Designed by award-winning DLG Architects, the rental homes will be spread across two C-shaped 16-storey blocks, with a new public courtyard in between the buildings and rooftop terraces overlooking the city centre. Two commercial units will also be delivered at ground floor.

Named New York Square after nearby New York Road and a nod to its synergy with performing arts and culture, the build-to-rent development will also host a range of on-site amenities, such as shared lounges, flexible workspaces, a cycle hub, and health and wellbeing facilities, with access to everything included in the rent.

Services include 24-hour hotel-style concierge and round-the-clock professional management, while the bespoke MyModa app will enable residents to report maintenance issues, communicate with the concierge, book events, and acts as the apartment key.

The homes at New York Square, where Moda will develop and operate the buildings for the long term, will be a mix of studio, one, two and three-bedroom apartments. A unique two-bed sharer layout will provide the perfect solution for sharers – two equally-sized bedrooms, with en-suites on either side of a shared living space, allowing for greater privacy, reduced noise and no arguing over who gets the biggest room.

The development forms a key part of the new £300m SOYO neighbourhood being delivered by Caddick Developments, another sister company of Moda Living.

In addition to the 515 Moda rental homes, SOYO will include a new hotel, bars, restaurants, further residential, a multi‑storey car park as well as high-quality public realm and open green spaces, The West Yorkshire Playhouse has also recently completed an extensive refurbishment.

Johnny Caddick, managing director at Moda Living and director at Caddick Group says:
“New York Square marks the first phase of SOYO, which will regenerate a car park into a new and exciting city centre neighbourhood. Moda’s aim is to raise the bar for rental in the city, creating high-quality homes and strengthening the appeal of city-centre living for all.

“This development highlights the confidence and momentum of investment into Leeds city centre and the wider Leeds City Region.”

“It’s great to have our success recognised by the Sunday Times Top Track 250. This is especially important to us as we celebrate our 40th year in business, and I’d like to thank all our staff who have contributed to making the Caddick Group such a successful family of companies.

We’re proud of our Yorkshire heritage and have successfully exported our grit and determination to the rest of the UK, creating new environments for businesses and delivering a new way of living across the UK.

We’re looking forward to another busy year with the continued growth of Caddick Construction, imminent opening of Moda’s Angel Gardens in Manchester, the handover of Whitehall Road studios as part of the Channel 4 move and starting on site shortly with SOYO, our £300 million mixed-use project in the centre of Leeds.”

Johnny Caddick

Caddick Group, the Yorkshire-headquartered property giant celebrated 40 years of the family-run business over the weekend with an event at the Emerald Headingley Stadium, Leeds – one of their recently completed projects.

Paul Caddick, Chair of the Caddick Group said;

“I’m enormously grateful to all our staff who, over the last 40 years, have contributed to making the Caddick Group such a successful family of companies.

We’re proud of our Yorkshire heritage and have successfully exported our grit and determination to the rest of the UK, with projects that are transforming cities, creating new environments for businesses and delivering a new way of living across the UK.

The completion of the Emerald Headingley stadium in Leeds is a great opportunity to mark our anniversary and we’re looking forward to many more years of delivering exciting projects that make a difference.”

About the Caddick Group

Caddick Group is a family-owned civil engineering, construction and development business, established in 1979 and has 40 years’ experience delivering an extensive variety of infrastructure and real estate projects across the UK.

Headquartered in Yorkshire, the group is made up of Caddick Construction, Caddick Developments, Caddick Land and Caddick Civil Engineering, as well as Moda Living, Oakgate Group and Leeds Rugby.

The group has evolved significantly since it was founded, with roots firmly planted in construction and civil engineering. It is now pioneering in emerging sectors such as build-to-rent and in a resurgent logistics market, driven by the e-commerce revolution. Its fully-integrated construction and development business has a forward-looking project pipeline with a value in excess of £5bn.

• Group turnover exceeds £200m for first time in company history
• Turnover up nearly 50% from last year and pre-tax profits by 37.5%
• Caddick’s £4.6bn ‘beds and sheds’ development pipeline now one of the largest in UK

Group-wider turnover climbed by 49% from last year while pre-tax profits grew by 37.5% as the company continues its focus on residential, logistics/industrial and strategic land opportunities.

With a £4.6bn development pipeline across housing and industrial, one of the largest in the UK, Caddick is emerging as a market leader in ‘beds and sheds’, two sectors with high growth potential thanks to strong fundamentals buoyed by broader structural changes.

Caddick’s Moda Living build-to-rent brand, a joint venture (“JV”) with developer Generate Land backed by Apache Capital Partners, has a £2bn pipeline of 7,000 high-quality rental apartments in 10 cities across England and Scotland.

The JV’s flagship scheme Angel Gardens, a 466-home 35-storey tower in central Manchester, topped out in January this year, with the first residents moving in this Summer. Caddick Construction is building the project after taking over as main contractor from Carillion in January 2018.

Caddick expanded its land acquisition activities throughout 2018 too following the launch of the strategic land division in 2017, hiring three new team members. The division’s continued focus is on securing planning consents on small and large sites for residential and logistics/industrial use, which can be subsequently developed by the Group.

Caddick Construction enjoyed another strong year as well, with pre-tax profits jumping 30% to £2.74m. Caddick Construction also launched a North West subsidiary to capitalise on its growing work in the region, with projects spanning the residential, industrial/logistics and automotive sectors.

Reflecting the firm’s nationwide reach, Caddick now also has offices in Birmingham, London and Manchester in addition to its Group headquarters in Yorkshire.

Paul Caddick, chairman of Caddick Group, said: “Despite the challenges posed by Brexit and related political uncertainty, this has been a bumper year for the Group, with turnover breaking the £200m mark for the first time in the company’s history.

“After a dip last year, profits are also up, while we have a strong pipeline covering two of the hottest areas of the UK property market right now: beds and sheds. Given the continued mismatch between demand and supply in residential and logistics, driven by structural rather than cyclical shifts, we see further growth potential in both sectors and are committed to delivering.”

Thirskrow Ventures Ltd and The Recruitment Crowd have both taken 1,850 sq. ft. suites in the Compass House building, on five-year leases. Existing tenants include HD Brows, a beauty and cosmetics firm, and property surveyors Malcolm Hollis.

The lettings were completed by Leeds-based property consultancy Sanderson Weatherall alongside joint letting agent, Carter Towler, who acted on behalf of owners Caddick Developments.

Caddick Developments refurbished Rose Wharf and Compass House, both former mills, in 1996. Located on the southern side of the city centre, the riverside properties have retained many of their period features, which are increasingly attractive to occupiers.

Dominic Towler, office agent at Sanderson Weatherall said, “Rose Wharf is a charming, riverside development that provides great office spaces in an ideal city edge location. “It’s fantastic to see the property fully occupied following a significant refurbishment, which demonstrates the pent-up demand for character office space in Leeds.”

Office take-up in Leeds passed the 1m sq. ft. mark in 2017 for the first time, with lower rents and salary costs driving a trend of ‘north-shoring’. The Government Property Unit signed up for 378,000 sq. ft. at Wellington Place in September last September, with Leeds Building Society, fashion brand Burberry and global risk managers Willis Towers Watson also taking office space in the city.

Sarah Friskney, senior development surveyor at Caddick Developments, said: “Leeds has seen both significant development and leasing activity, with the ‘Northern Powerhouse’ attracting international attention and investment, while domestic occupiers are realising the benefits of relocating to core regional cities.”

Caddick Developments, part of the Wetherby-based, family-run property and construction giant Caddick Group, is delivering the £300 SOYO regeneration in Quarry Hill, Leeds’ cultural quarter. Through its build-to-rent arm Moda, Caddick will be delivering 515 high quality rental homes, which will sit alongside co-working space, a hotel, new public realm as well as restaurants and bars.

SOYO and Moda recently agreed a five-year partnership with West Yorkshire Playhouse, pledging financial support during the Playhouse’s £14m revamp. The collaboration will also see workshop space in the Playhouse temporarily transformed into a 350-seat pop-up theatre.

• Former police complex to be replaced with hundreds of high quality rental homes
• New community of close to 1000 people will breathe new life into Glasgow city centre
• Development endorsed by Glasgow Chamber of Commerce and received zero objections during consultation

The City of Glasgow will soon experience next generation living after Moda, a developer and operator of private rented housing, and joint venture partner Apache Capital Partners, the London and Gulf based private real estate investment management firm, secured planning permission to transform the old Strathclyde Police headquarters into a ‘build-to-rent neighbourhood’.

Under plans approved by Glasgow City Council, Holland Park – named after the grand hotel-style lobby that will sit on Holland Street – will offer 433 high-tech homes designed exclusively for rent, as well as 45,000 sq. ft. of amenity space that all residents will have access to.

The £120 million scheme will start on-site later this year, with the first homes available in 2022.

The application was the subject of extensive consultation including a two-day public extension and received no objections.

The plans from the JV received a glowing endorsement from the Glasgow Chamber of Commerce, which said the “design proposals are of an exceptional quality, and will provide vitality and vibrancy to this part of the city which is in urgent need of investment.”

Designed by Glasgow architects HAUS-Collective, the 433 homes will spread across four buildings set around a new public courtyard, ranging from 6 to 22 storeys in height, complementing the existing City skyline. All the apartments, which will be a mix of studios, one, two, and three-beds, will be digitally-enabled and collectively house a community of nearly 1000 people, helping breathe new life into the city centre.

Glasgow’s Theatreland district, the Core and Sauchiehall Street are all just a short walk away, putting future residents right in the cultural heart of the city.

As with all Moda and Apache Capital JV developments, Holland Park will boast a range of on-site amenities, with a total 45,000 sq. ft. of dedicated communal space being provided, including residents’ lounges, virtual sports simulators, health and wellness zones, landscaped roof gardens, with stunning views of Glasgow and indoor/outdoor BBQ areas. Moda is also looking to work closely with the city council to improve the surrounding public realm and install new green infrastructure.

To make residents’ lives easier, professional on-site management in the form of a 24-hour concierge service will be provided, while the bespoke MyModa app will allow Moda customers to do everything from report a fault to organising events, letting friends in manage their rental account or even order an Uber.

Long-term family-friendly tenancies will also be offered, with Moda wanting to transform renting into a genuine alternative to homeownership.

Tony Brooks, Managing Director at Moda, said:

“Securing planning permission for Holland Park is a real milestone for the business, and puts us one step closer to creating the UK’s leading lifestyle property brand. The absence of objections during the consultation and state of support from the Glasgow Chamber of Commerce is a real testament to the strength of the Moda and Apache Capital model, which will offer renters in the city an experience far above and beyond what is already available.”

Richard Jackson, Co-founder and Managing Director of Apache Capital Partners, said:

“We are delighted to have successfully secured our planning application for the complete regeneration of the old Metropolitan Police Headquarters, our first planning consent in Scotland. The across the board support we have received from both central and local government has been critical in delivering this consent and a great endorsement of our landmark scheme. Holland Park’s stunning design and facilities will transform the local rental market in Glasgow, whilst helping to breathe new life into the surrounding neighbourhood.”

Councillor Kenny McLean, City Convener for Neighbourhoods, Housing and Public Realm at Glasgow City Council, said:

“We welcome this development of high-quality new homes to Glasgow.  It will be attractive to the increasing number of people who want to live and work at the centre of Scotland’s metropolitan area.  Holland Park complements plans for more housing investment in and around our city centre and supports the key aim of the council’s Housing Strategy in terms of ensuring access to good quality homes.”

In JV with Apache Capital Partners, Moda has a fully funded £1.5 billion pipeline of over 5,000 rent-only apartments and a further committed pipeline. The JV has now secured planning on 5 of its initial 8 secured city centre sites across the UK. Other schemes are currently underway in Birmingham, Edinburgh, Leeds, Liverpool, Manchester and London.

• City centre regeneration project announces landmark partnership with West Yorkshire Playhouse
• Five-year tie-up will see a Pop-Up Theatre during Playhouse’s £14m redevelopment
• Collaboration underlines commitment to keeping cultural destination alive during construction works

SOYO, the £300m revamp within Leeds’ cultural quarter Quarry Hill, has pledged a long-term commitment to supporting the West Yorkshire Playhouse by becoming a principal capital partner alongside law firm Irwin Mitchell.

The five-year partnership will include financial support for West Yorkshire Playhouse, which is due to start its redevelopment in June 2018, as well as to support the Playhouse to continue to produce great shows during the construction works. Neighbouring Leeds City College is currently on-site with a £57 million brand-new campus, revolutionising the city’s digital, creative arts and health sciences provision.

The centrepiece of the collaboration is the Playhouse’s Pop-Up Theatre, in association with SOYO, which will temporarily transform a workshop space on the Playhouse site into a 350-seat theatre, presenting a full and varied programme throughout Autumn 2018 to Spring 2019. This innovative, long term partnership creates a unique opportunity to experience the Playhouse as it has never been seen before in an environment changing and growing into SOYO – the cultural quarter of Leeds.

Once the redevelopment of the Playhouse is complete, SOYO will also be a key supporter of the theatre’s relaunch.

SOYO – a £300m regeneration within Quarry Hill – was announced last September. Being delivered by Caddick Group, a Yorkshire-based, family-run construction and property business, SOYO will create hundreds of new homes, restaurants and bars, as well as co-working space, a hotel and new public realm.

Also working with the other existing cultural institutions such as the BBC, Leeds City College, Leeds College of Music, Northern Ballet, Yorkshire Dance, the Wardrobe and Future Sounds, SOYO aims to bring a sense of New York’s East Village and San Francisco’s SoMa districts to Leeds.

Myles Hartley, MD at Caddick Developments, the company behind SOYO, said:

“SOYO is proud to be collaborating with its neighbours to create one of the best places in the UK to live, work, play, learn and be entertained. Since our initial discussions, West Yorkshire Playhouse has been a keen supporter of SOYO and our vision to create a unified voice for Leeds’ most culturally significant area, and we look forward to continuing to work closely with the Playhouse and especially to our association with the pop up theatre over the next few months.”

Robin Hawkes, Executive Director, West Yorkshire Playhouse, said:

“The Playhouse is delighted to be work with Caddick Group and develop the vision for the SOYO neighbourhood. The Playhouse’s redevelopment will generate a new focus for the city and establish a base to attract artists and creatives from across Yorkshire and the wider North. We are proud to be partnering with a business that shares a passion for Leeds and an ambition to build the future of the cultural quarter.”

Judith Blake, leader of Leeds City Council, said:

“Across the globe we have seen how culture and collaboration can be two massive drivers for growth and change, and today’s partnership between SOYO and West Yorkshire Playhouse is a welcome example of both.”

Caddick Group has reported a rise in turnover, with revenues rising 2.5% to £152.4m, as it invests and grows its development pipeline.

The West Yorkshire-based family-run business, which works across the property development, construction and civil engineering sectors, reported pre-tax profits of £7.96m in its annual report for the year ended 31^st August 2017.

The group continues to increase activities in the residential and build-to-rent sector through subsidiary company Moda. Backed by Apache Capital Partners, Moda has a £2bn pipeline of 6,750 rent-only apartments in high profile city centre sites across the UK including Glasgow, Liverpool, Leeds, Manchester, Birmingham and Edinburgh.

The group’s activity in the industrial and logistics sector also continues to grow, with the completion of phase one of its £100 million prime distribution and logistics scheme near Wakefield, called Crosspoint33, let to TJX, parent company of TK Maxx, and forward sold to Tritax.

In 2017 Caddick also received planning approval to redevelop the historic, 6-acre Quarry Hill site in Leeds. Relaunching the area last September under the name SOYO, the £300 million masterplan will create hundreds of new homes, leisure and hotel space with high quality public realm. Working alongside the existing cultural organisations in the area, SOYO will provide one the very best places to live, work, play and be entertained in Leeds.

The group also expanded its land acquisition activities throughout 2017, launching a strategic land arm seeking new opportunities throughout the UK to bring forward medium to large scale sites for residential and commercial use. Caddick Land now gives the Caddick Group full development lifecycle capabilities, able to take a site from the planning stage through to delivery and sale.

The group’s construction and civil engineering division saw a jump in activity during the year, with Caddick Construction posting a rise of 20% to£98m and civil engineering activity rising 9%.

Caddick Construction has also expanded activities in the North West. Taking over from Carillion on site, Caddick Construction will now deliver the £154m, 466-home Angel Gardens build-to-rent project in Manchester on behalf of Moda. This has ensured the continued delivery of the project and included the hiring of over 20 Carillion staff, to ensure construction work was re-started after only two weeks of Carillion’s liquidation, the scheme is still due to complete in 2019.

Paul Caddick, chairman of Caddick Group, said: “I am pleased to report that the core group businesses have all continued to be profitable during the year. The profitability for the year has continued to strengthen the balance sheet and we continue to reinvest this in bold new projects.

“The entire Caddick Group has demonstrable substantial cross-sector experience, with a proven track record of delivering institutional-grade assets. As demonstrated by the Carillion crisis, the full spectrum offering of the Group gives us a unique strength in the marketplace, as does a strong relationship with the supply chain, while the addition of the strategic land arm gives us whole lifecycle capabilities and will enable us to further extend our presence across the country.”

For more information visit: https://caddick.co.uk/

Moda’s sister company Caddick Construction will deliver the £154m Angel Gardens scheme in Manchester, directly hiring 20 former Carillion employees. It is one of the country’s biggest residential schemes outside of London and the move will save around 500 jobs on site, protecting around 30 sub-contractor companies previously working under Carillion before it entered liquidation on 15 January.

Moda and Apache Capital had contingency plans in place since last summer and the swift move announced today ensures there will be no material impact on the project’s cost or timeframe of delivery.

Caddick Construction will now act as construction manager and coordinate existing subcontractors across the 35 storey, 466 home build to rent (BTR) project. The company has been building its presence in the North West, with the new hires helping bolster the company’s already strong team.

Carillion started work on Angel Gardens in January 2016 after Apache Capital and Moda agreed a record breaking £85m BTR senior debt facility with Deutsche Pfandbriefbank. Today’s announcement will cement confidence in Moda’s in-house resources as it looks to deliver a £1.7bn pipeline of 6,000 rented homes in core cities across the UK, with other schemes in Birmingham, Edinburgh, Glasgow, Leeds and Liverpool

Andrew Parker, director of projects at Moda, said:
“We have had contingency plans in place for some time and wanted to prioritise saving jobs, as we hugely appreciate the critical role played by the main sub-contractors and small businesses that support major projects. We have always remained close to the key sub-contractors and suppliers throughout the process and this has proved to be an essential part of the solution to keeping Angel Gardens on track.”

Adrian Dobson, commercial director at Caddick Construction said:
“The fast and effective takeover of this complex project is testament to the strength and depth of our team. We are fortunate that our construction team has been able to step in and take this project forward within two weeks and are delighted that so many key Carillion employees elected to join the group, as this really strengthens our team in the North West.”

Tony Brooks, managing director at Moda, said:
“Both Deutsche Pfandbriefbank and our strategic funding partner Apache Capital are fully behind this strategy, and we are all 100% committed to delivering a fantastic scheme at Angel Gardens. We are very disappointed by the Carillion collapse but we have been able to get the job back on track fast and keep the sub-contractors going with minimal disruption.”

Johnny Caddick, director at Caddick Group PLC, said:
“The wider Caddick Group, of which Moda is part, has huge strength and cross-sector experience and a long-standing and deep-rooted relationship with the supply chain, and we look forward to being able to draw from its expertise. Moda has significant projects across the UK which shall continue as normal. We expect to start on site with a further four high quality build to rent schemes this year in Liverpool, Edinburgh Leeds and Birmingham.”

Richard Jackson, managing director and co-founder of Apache Capital, said:
“It was critical to Apache Capital that, as soon as we became aware of financial difficulties of Carillion in summer 2017, we implemented our contingency plans to ensure that we protected the interests of our investors and banking partner PBB. As a result, no loss of money or time will be suffered, job security is ensured to former Carillion Staff, financial security on this project is secured for our sub-contractors and onsite works have recommenced within two weeks to minimise delays and we will continue to deliver the project within budget.

“Given the adverse circumstances this is a phenomenal effort by the wider team and underpins the quality of our partnership with Moda and Caddick Construction.”