Bedlam, which is to be the first original drama aired on digital channel Living, tells the story of Ryan (Young), who lives in an apartment block converted from the sinister asylum, reports The Sun.
A source said: "The conversion awakens a darker side of the building, with former asylum spirits coming back to take back what they believe to be theirs. They start to seek revenge on those who have wronged them."
Young, who previously appeared in 2005 comedy Mrs Henderson Presents and guest-starred in E4's Skins, said that he is delighted to be acting in the thriller.
He said: "I'm so excited to be part of Bedlam. The scripts are original and fantastic, as are the other actors involved. I can't wait to get my teeth into the role."
The six-part series, which is to be made by Red Production Company, also stars Theo James, Charlotte Salt and Ashley Madekwe.
Red Production's executive producer Nicola Shindler said: "We want to make Bedlam sit alongside US imported drama."
Living's director of television Claudia Rosencrantz added: "We've been searching for ages for the right idea to launch Living into original drama, and Bedlam is the perfect fit.
"It's sexy, stylish and truly scary. It is about very frightening things happening to very beautiful people."