More homes for Leeds after developer strikes funding deal for 331 apartments

The next phase of a new city centre neighbourhood has moved forward after a funding deal was struck between the developer and an investment manager.

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 (BtR) brand Hestia.

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.

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SOYO Leeds

Leeds-based DLG Architects have been tasked with designing the buildings, 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 during the course of the build programme, which will be carried out by Caddick Construction.

Will Gibby, director of fund management at International Business of Federated Hermes, said: “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.”

Myles Hartley, managing director of Caddick Developments, added: “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.”

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