The deal with investor Federated Hermes will allow work to start on two new blocks delivering 331 build to rent homes to be operated under the Hestia brand.

The two adjoining blocks will be delivered alongside new public realm including green spaces and a pedestrian square, in the fast-evolving cultural quarter of the city.

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 Caddick’s Construction arm.

As well as rental homes, SOYO will include a new hotel, bars, restaurants, further residential and a multi‑storey car park

Leeds-based DLG Architects have been tasked with designing the buildings with reduced embodied carbon alongside high levels of insulation and renewable technologies part-powering the building.

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