Torsion Group, a Leeds-based construction and property business, has formed a joint venture with Housing Growth Partnership (“HGP”) 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 schemes 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 is 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 have 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.”
Torsion was represented by Shakespeare Martineau, with the team led by Jody Webb. Their expertise and dedication was instrumental in navigating the complexities of the transaction.
Housing Growth Partnership was represented by Shoosmiths, who provided invaluable legal support and guidance throughout the process.
Ingenious Real Estate were represented by Eversheds, whose commitment and proficiency were crucial in ensuring the transaction’s success. Debt Originators were GLPG, with Nick Swerner playing an invaluable role in closing the transaction for Torsion with Housing Growth Partnership and Ingenious Real Estate.