Federated Hermes has forward funded the next stage of Caddick Group’s SOYO neighbourhood in Leeds, which will be a 331-home scheme under its build-to-rent brand Hestia delivered by Caddick Group.
The scheme comprises two adjoining blocks in the new city centre district, with planning permission held for 331 apartments – a mixture of studio, 1,2 and 3 beds – as well as outdoor courtyards, and 12,000 sq ft retail, restaurant and ground floor amenity space. The blocks will be delivered alongside a new public realm including green spaces and a pedestrian square, in the fast-evolving cultural quarter of the city.
Leeds-based DLG Architects have been tasked with designing the buildings with sustainability credentials that go beyond current statutory requirements, using techniques to reduce embodied carbon alongside high levels of insulation and renewable technologies part-powering the building.
Scheduled for completion in late 2023, the project will support 2,000 construction jobs and 14 apprenticeships in the sector during the course of the build programme, which will be carried out by our sister company – Caddick Construction.
Will Gibby, Director, Fund Management – International Business of Federated Hermes, said: “Our focus remains on delivering high-quality, mid-market rental properties that drive value for all our stakeholders. The partnership with Caddick on the delivery of this exciting scheme will do just that for Leeds. Hestia’s four-year track-record of operating quality BtR assets has allowed us to identify an opportunity of institutional scale, within an exciting regeneration scheme benefiting from quality public realm and cultural amenities. We look forward to bringing this scheme forward with Caddick in the coming years.”
Myles Hartley, Managing Director of Caddick Developments said: “We are delighted to have secured this opportunity to work closely with one of the world’s leading investment managers and their experienced residential operational platform on their flagship Leeds BtR project. Our vertically integrated business provides a wide range of end-to-end services for institutions looking to enter the market and want to work both at scale and at speed. By working collaboratively with others, we expect the built to rent sector to have a hugely positive impact on the UK housing market over the next decade, improving living standards for millions of residents. SOYO will be at the forefront of that ambition.”
Caddick Group businesses Caddick Developments, Caddick Land and Caddick Construction will work with the project team to take the scheme from blueprint to delivery.