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Thu January 20 2022

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Caddick gets funding for Leeds SOYO expansion

9 Dec 21 Caddick Group has secured funding for the next stage of is £300m SOYO Leeds regeneration project.

CGI of the next stage of the SOYO neighbourhood in Leeds
CGI of the next stage of the SOYO neighbourhood in Leeds

US investment manager Federated Hermes will fund the construction of two adjoining blocks in the new city centre district, with planning permission for 331 apartments.

On completion, the building will be operated by Federated Hermes’ build-to-rent brand Hestia.

Caddick Group will work with Hestia and Leeds-based DLG Architects to design the two new blocks. Caddick Construction is main contractor, with completion scheduled for late 2023.

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.” 

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