Torsion brings in partner at Hollis Croft
The Yorkshire property company will work with Housing Growth Partnership to deliver the £53m Sheffield build-to-rent development.
Adjusted plans were submitted to Sheffield City Council last year by Torsion, with the updated proposals offering a scheme of seven to 17 storeys at the site.
In what is a development hotspot for Sheffield, a city looking to up its volume of accommodation for young professionals, the site is close to Pennine Five on the city’s ‘innovation spine’ between West Bar and the University of Sheffield.
The joint venture between Leeds-headquartered Torsion Developments and HGP, the Lloyds-backed housing sector equity investor, will provide funding to bring forward the 234-home project.
Torsion Construction will take on all aspects of on-site delivery acting as main contractor, with Torsion Developments acting as development manager.
This project, jointly funded by the partners, represents Torsion’s second scheme in the city and first build to rent. Completion is expected in mid-2026.
High street lender Lloyds set up HGP in 2016. Leading the professional team are architect Den and planner Quod.
The development comprises one- and two-bedroom flats along with studio apartments. Facilities will include a residents’ lounge, home cinema, gym, co-working areas with meeting rooms and bike storage. A three-star Fitwel certification is the goal.
Dan Spencer, chief executive at Torsion Group, said: “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.”
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, while HGP’s legals were carried out by Shoosmiths. Real estate advisor GLPG was the deal originator, with Ingenious Real Estate the senior debt provider, advised by Eversheds.
