Torsion and HGP form JV to deliver £53m Sheffield BTR scheme

The 234-bed Build to Rent project at Hollis Croft, Sheffield comprises one and two-bedroom, plus studio apartments.

Related topics:  BTR,  Development,  Development Finance
Property | Reporter
8th July 2024
Hollis Croft BTR development 911
"The team at HGP have been a highly supportive partner and we are pleased to be working with them as joint funders to deliver a sustainable building and positive outcomes for local communities in Sheffield"
- Dan Spencer - Torsion Group

Torsion Group, a Leeds-based construction and property business, has formed a joint venture with Housing Growth Partnership to deliver a major new £53m development at Hollis Croft, Sheffield.

The Joint Venture between Torsion Developments Limited and Housing Growth Partnership will provide funding to bring forward a 234-bed Build to Rent (BTR) project.

Torsion Developments and HGP, the Lloyds-backed equity investor in the UK living sector, are both providing equity into this scheme.

Hollis Croft comprises of seven floors to the west through to 17 floors to the east which provides outstanding views across the city and beyond.

Torsion Construction will undertake all aspects of the on-site delivery acting as main contractor, with Torsion Developments acting as Development Managers.

This project represents Torsion’s second scheme in the city and first build to rent. Completion is expected in mid-2026 providing much-needed rental housing in the city centre, which boasts a 42% retention rate of its large student population post-study.

The development comprises one and two-bedroom, plus studio apartments. It is situated within the Cathedral Quarter of Sheffield city centre and will provide tenants with a high-quality living experience.

The completed development will feature a residents’ lounge, home cinema, fully equipped gym, co-working areas with meeting rooms and bicycle storage.

This high-quality development is aiming for a 3 Star Fitwel Certification, the highest score available, demonstrating the scheme's focus on the health and wellbeing of the residents.

Torsion Developments has worked closely with its Construction division to design the project to budget and deliver a scheme that remains high quality and fundable even in the current challenging markets.

Utilising its design-to-budget philosophy will allow Torsion Construction to demonstrate a clear competitive edge and innovative approach in the way it delivers Hollis Croft.

Torsion Construction will be commissioning the services of a street artist to incorporate a montage into one of the facades at Hollis Croft. This was a requirement of planning and was designed to celebrate and raise awareness of Sheffield's vibrant street art scene.

Dan Spencer, chief executive at Torsion Group, said: “We are delighted to announce our joint venture with HGP to jointly fund these high-quality built-to-rent apartments in the centre of Sheffield.”

Dan added: “HGP’s unique offering and approach to joint equity funding with Torsion has been key in bringing Hollis Croft in Sheffield to fruition. The team at HGP have been a highly supportive partner and we are pleased to be working with them as joint funders to deliver a sustainable building and positive outcomes for local communities in Sheffield.”

David Worsley, Managing Director, Torsion Developments, added: “I would like to extend a special thank you to all our project partners as well as the Torsion team for their exceptional work in securing the Hollis Croft development in Sheffield. This significant achievement is a testament to their hard work, dedication and expertise in the field. The successful acquisition of Hollis Croft marks a major milestone and sets a solid foundation for future growth and development.”

Katie McCarron, Investment Manager, at Housing Growth Partnership, added: “Our debut investment with Torsion, who has an impressive track record in delivering large-scale Living projects, highlights the role that equity funding can play in bringing much-needed homes to the market.

“We expect Hollis Croft to be a sought-after development in what is a high-growth UK city, offering tenants an exceptional living experience. This latest equity commitment continues our expansion in the UK Living space, benefitting from a slowdown in the traditional forward funding market, and is aligned with our commitment to delivering schemes that have a positive environmental and social impact.”

More like this
Latest from Financial Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 20,000 landlords and property specialists and keep up-to-date with industry news and upcoming events via our newsletter.