Planning secured for first phase of £300m SOYO scheme
Detailed planning permission has been granted for the first phase of Caddick Development’s flagship £300m SOYO mixed use scheme in Leeds’ cultural district.
This first phase, dubbed New York Square, is to be delivered by Moda, a developer and operator of private rented apartments across the UK. Construction work on the initial phase of 515 units will start later this year and forms part of wider plans by Caddick Developments for the SOYO district, with a new hotel, bars, restaurants, further residential, a multi‑storey car park and high quality public realm to be delivered over the coming years.
Designed by DLG Architects, the 515 homes will be spread across two 16-storey blocks, and sit alongside new public realm as well as 9,000 sq. ft. of co-working space within the wider masterplan. Once completed, the homes will be managed for the long term under the Moda brand, with a 24-hour concierge service and round-the-clock maintenance provided.
Named New York Square after nearby New York Road, the scheme will also include a range of on-site shared facilities free for all residents to use, including a cycle café, communal lounges, roof terraces and fitness centre.
Long-term yet flexible family-friendly leases of up to five years will also be available, as Moda wants renters to enjoy the same security of tenure homeowners have.
The Moda model is based on what is available to renters in the United States, where professionally managed rental apartment complexes filled with amenities – known as ‘multifamily housing’ – have been around for decades.
The mix of studio, one, two and three-bedroom apartments at New York Square will be targeted at Leeds’ rapidly expanding population of professionals. With an economy of £60billion, Leeds is the UK’s fastest growing city region and has the largest workforce outside of London, boasting thriving financial services, retail and leisure sectors.
Backed by Apache Capital Partners, Moda has a £1.75bn development pipeline of 6,500 homes, with high-profile city centre schemes underway in Birmingham, Edinburgh, Glasgow, Liverpool, Manchester as well as Leeds.
The Caddick Group is aiming to inject a sense of New York’s East Village and San Francisco’s SoMa districts to Leeds by working with the existing cultural institutions such as the BBC, Leeds City College, Leeds College of Music, the Northern Ballet, Yorkshire Dance, Phoenix Dance, West Yorkshire Playhouse, the Wardrobe and Future Sounds.
SOYO was recently announced a principal capital partner, along with solicitors Irwin Mitchell, for West Yorkshire Playhouse, which will see the developer financially and practically support the Playhouse during its £14m face-lift, which will start in June. Neighbouring Leeds City College is onsite with a £57m brand-new campus, revolutionising the city’s digital, creative arts and health sciences provision.
Johnny Caddick, director at Moda and Caddick Developments, said: “Being right on the doorstep of major cultural institutions, at the heart of a brand new neighbourhood and on the cutting edge of the latest lifestyle trends, New York Square at SOYO will be one of the best places to live in Leeds.
“The focus on service, technology and amenity provision at New York Square will set the Moda offer far above and beyond what is already available in Leeds and help raise the bar locally for renters.”
