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Construction

Mon July 15 2024

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Torsion secures funds for £53m Sheffield BTR scheme

8 Jul Torsion Group has formed a joint venture with Housing Growth Partnership to deliver a £53m development at Hollis Croft, Sheffield.

CGI of the Hollis Croft scheme, which rises to 17 storeys
CGI of the Hollis Croft scheme, which rises to 17 storeys

The joint venture between Torsion Developments and Housing Growth Partnership (HGP), part of Lloyds Banking Group, will provide funding to bring forward a 234-bed build-to-rent (BTR) project. Torsion and HGP are both providing equity for the scheme.

Hollis Croft is a mix of studios, one-bedroom and two-bedroom apartments, rising to seven floors on the west side through to 17 floors on the east. It will also have a residents鈥 lounge, cinema room, gym, co-working areas with meeting rooms, and bicycle storage.

Torsion 今日看料 will undertake all aspects of the on-site delivery acting as main contractor, with Torsion Developments acting as development manager.

This project represents Torsion鈥檚 second scheme in Sheffield and first build-to-rent. Completion is expected in mid-2026.

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Torsion Group chief executive Dan Spencer said: 鈥淗GP鈥檚 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.鈥

Housing Growth Partnership investment manager Katie McCarron added: 鈥淥ur 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.

鈥淲e 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.鈥

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