Hefty takeover costs hit Melrose
RENTERS IN Leeds will be some of the first to benefit from a very 21st-century tie-up that will see wearable tech and in-person training used to boost physical health and mental wellbeing, in a first for the UK rental market.
The plans are the fruit of a collaboration between Hero, a new digital ‘wellness’ company based in Leeds, and Harrogatebased build-to-rent developer Moda Living, which is part of the Wetherby-based Caddick Group.
Moda Living is the company behind the £300m SOYO (SOuth of YOrk Road) development in the city’s ‘cultural quarter’, near the West Yorkshire Playhouse and the Northern Ballet’s headquarters.
The mixed-use scheme will incorporate shops, offices, leisure facilities, a medical centre and 515 hotel-style apartments.
The tie-up between Moda and Hero aims to add a distinctly millennial dimension to its apartments, by adopting what it says is a “more open and inclusive approach to supporting its residents’ physical, social and mental wellbeing”.
In practice, that means that in addition to gym access, tenants will be able to pursue healthier lifestyles by using Hero’s technology, which analyses data from wearables to track sleep, movement, nutrition and mood, as well as 3D body-scanning.
The scheme also tackles loneliness, which is especially prevalent among young renters; 61 per cent of them experience it, as opposed to 46 per cent of their peer group, according to the Office for National Statistics.
So Hero’s app encourages residents to form groups and compete with each other (“gamifying the wellbeing experience”), and enables community events such as healthy cooking classes and group fitness.
The company will also provide ‘mental health first-aid training’ to Moda’s on-site concierge team, helping them to spot the early signs of tenants’ mental health issues and provide support.
Johnny Caddick, managing director at Moda, said: “Our focus is to provide the healthiest possible environments alongside a great living experience, cutting out the hassle and uncertainty that usually comes with renting.
“Loneliness and mental health are issues facing society. Our aim is to create happy, healthy and productive communities that can help alleviate the daily pressures of city living.”
Hero was founded by Joe Gaunt, former boss of Virgin Active and most recently managing director at the $35bn co-working giant WeWork. He said: “Whether you’re a footballer, a researcher, a plumber or a teacher, the principles surrounding wellbeing and lifestyle are the same.
“But we feel traditional gyms and healthcare aren’t tailored to individuals and don’t provide enough personal insight and support to help people achieve their unique goals. By partnering with Moda, we want to help enhance the experience for those living in city centres and bring all aspects of wellbeing and health right to the fore.”
The first homes in the SOYO development are due to be ready in 2021.
Melrose Industries has swung to a half-year loss after booking hefty costs linked to its controversial £8bn hostile takeover of engineering giant GKN.
The group posted a pre-tax loss of £303m in the six months to June 30, compared with a £48m profit in the same period last year. Stripping out the exceptional costs, adjusted pretax profit rose to £240m.