The construction to rent sector is growing across the UK and residential blocks are no longer just a place to eat and sleep.
The built-to-rent apartments are managed like five-star hotels with a team of on-site staff, a 24-hour concierge, and an app that runs day-to-day life in the building such as reserving the shared workspace and managing the deliveries of parcel.
There’s entertainment too, from pasta-making classes to movie nights and everything in between.
Leeds developers are embracing the North American concept, which is transforming the city center across the UK. According to Deloitte’s 2021 Crane Survey, last year, three out of four new-build residential developments in the city were for the construction sector for rent.
These projects are creating new neighborhoods, with green spaces and shops, bars and restaurants, which are expected to drive a greater demand for downtown life.
Caddick Developments ‘£ 300 million regeneration project in the former Quarry Hill car park is one of Leeds’ largest construction-to-rent projects currently on site.
The project, called SOYO, includes two 15- and 16-story rental construction towers, to be delivered by the group’s private rental sector division, Moda Living, and another residential block to be added at a later stage.
Caddick also plans to build a new hotel, offices, restaurants and bars as part of the project, along with the creation of green public spaces.
The £ 96 million construction of the first two apartment blocks, known as New York Square, peaked this week as construction peaked at 16 stories.
They include 515 apartments, from two-bed studios and compartments to three-bed family units,
The Angel Gardens 466 bed scheme from Modo Living in Manchester is the template. It also has developments in York, Liverpool, Birmingham, Glasgow, Edinburgh and Hove in Sussex in the pipeline – 7,500 homes in total.
Johnny Caddick, Managing Director of Moda Living, said The Yorkshire Post that the firm had learned lessons from its first project.
“We are seeing a lot more people working from home now, so we are adapting our spaces to make them more flexible,” he said. “Instead of a sofa being something you just sit on, it can also be a place where you can work from.”
Health and wellness are an important part of the spirit of Modo. Each development has a gym and a roof terrace. In Manchester there is also a rooftop football pitch and Birmingham will have a running track with a 200 meter podium.
At the beginning of the pandemic, Modo offered online anxiety workshops to residents, as well as virtual social activities.
Modo has learned from the evolution of the student market, but its buildings are not just a place for graduates and young professionals. Manchester residents are between the ages of two and 80. “The apartments are designed to be age independent, which builds a proper community,” said Caddick.
Reservations for New York Square open later this year. Rentals have yet to be disclosed, but are likely to be similar to those in Liverpool, where studio rentals start from £ 800 per calendar month, including Wi-Fi, gym and shared services.
Caddick said, “The level of customer care and service is very different from most individually owned apartments and houses and security of tenure is an important feature of our buildings. Ultimately, the power is in the customer. We need full buildings and they will vote with their feet ”.
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This notice was published: 2021-07-07 11:29:30