Torsion and HGP form joint venture for £53m Sheffield resi scheme

Leeds-based Torsion Group’s construction arm is to deliver a £53m residential build-to-rent (BTR) project in Sheffield.

In a joint venture with Housing Growth Partnership (HGP), Torsion Group is providing equity to the 234-bed Hollis Croft Sheffield scheme.

Torsion Group chief executive Dan Spencer said his firm was working with HGP “to deliver a sustainable building and positive outcomes for local communities in Sheffield”.

Hollis Croft is Torsion’s second scheme in Sheffield and its first build-to-rent project. It is expected to be completed by mid-2026.

The project, in the Cathedral Quarter in Sheffield city centre, will consist of studios and one- and two-bedroom apartments.

David Worsley, managing director of Torsion’s development business, said the Hollis Croft project “marks a major milestone and sets a solid foundation for future growth and development”.

Torsion Constructon posted turnover of £57m and pre-tax profit of £115,696 in its most recent financial accounts, covering the year ending 30 June 2023.

This compared with revenue of £63.4m and pre-tax profit of £287,916 in 2021/22.

Directors described a “challenging year where the unpredictable economy had an impact on profitability”.

But they also pointed to a “strong secured order book”, as shown by £114m in new project wins last April. These included the firm’s first-ever residential job in Manchester (£25.9m).

The most recent research from consultancy Knight Frank shows that investment in BTR in the UK reached £1.3bn in January-March this year.

This marked a 21 per cent year-on-year increase and “the highest figure recorded for a first quarter”, it noted, with London accounting for 52 per cent of the national total.

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