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

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

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

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

Hollis Croft spans seven storeys in the west to 17 storeys in the east, offering outstanding views of the city and beyond.

Torsion Construction will handle all aspects of 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-let. Completion is expected in mid-2026, providing much-needed rental housing in the city centre, which boasts a 42 per cent retention rate of its large post-graduate student population.

The development comprises one and two bedroom, plus studios. It is located in the Cathedral Quarter of Sheffield city center and will provide tenants with a high quality living experience.

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The completed development will include 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 that the schemes focus on the health and wellbeing of residents.

Torsion Developments worked closely with its construction division to design the project to budget and deliver a scheme that remains high quality and financeable even in today’s challenging markets.

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

Torsion Construction will commission the services of a street artist to incorporate an installation into one of the facades at Hollis Croft. This was a planning requirement and is designed to celebrate and raise awareness of Sheffield’s vibrant street art scene.

Dan Spencer, chief executive of Torsion Group, said: “We are delighted to announce our association with HGP to co-fund these high quality build-to-let apartments in Sheffield city centre.”

Dan added: “HGP’s unique offering and approach to joint equity funding with Torsion was instrumental in making Hollis Croft in Sheffield a reality. The team at HGP have been a very supportive partner and we are delighted 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 give a special thanks to all our project partners as well as the Torsion team for their exceptional work in delivering 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 lays a solid foundation for future growth and development.”

Katie McCarronInvestment Manager, at Housing Growth Partnership, added: “Our debut investment with Torsion, which has an impressive track record of delivering large-scale Living projects, highlights the role that equity finance can play in bringing homes to market so necessary.

“We expect Hollis Croft to be a sought-after development in what is a high-growth city in the UK, offering tenants an exceptional living experience. This latest equity commitment continues our expansion into the UK residential space, benefiting from a slowdown in the traditional forward finance 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 were instrumental in navigating the complexities of the transaction.

The Housing Growth Partnership was represented by Shoosmiths who provided invaluable legal support and guidance throughout the process.

Ingenious Real Estate was represented by Eversheds, whose commitment and expertise were crucial in ensuring the success of the transaction. The debt originators were GLPG, with Nick Swerner playing an invaluable role in closing the deal for Torsion with Housing Growth Partnership and Ingenious Real Estate.

Learn more about the Housing Growth Partnership: https://www.housinggrowth.com/

To find out more about Torsion Group visit: https://www.torsiongroup.co.uk/

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