The Torsion Group and Housing Growth Partnership have joined forces to embark on an ambitious £53m residential scheme in Sheffield.
- This collaboration will see Torsion deliver its first build-to-rent project at the 234-bed Hollis Croft scheme, central Sheffield.
- The venture signifies a key milestone for Torsion, setting a precedent for future growth in the build-to-rent sector.
- Torsion reported financial strains in 2023, yet secured a robust order book with major wins, including a significant project in Manchester.
- Investment in UK build-to-rent projects saw an impressive year-on-year growth, reflecting a burgeoning market.
The partnership between Leeds-based Torsion Group’s construction arm and Housing Growth Partnership has initiated a £53m residential build-to-rent project in Sheffield. Located in the Cathedral Quarter of Sheffield city centre, the project consists of a combination of studios and one- and two-bedroom apartments designed to enhance urban living.
This development not only marks Torsion’s second venture in Sheffield but also its inaugural build-to-rent project, with completion anticipated by mid-2026. The strategic nature of this project is underscored by Torsion Group CEO Dan Spencer’s comments on delivering a sustainable building that will benefit Sheffield’s local communities.
David Worsley, managing director of Torsion’s development business, emphasised the significant milestone that this project represents in laying the groundwork for further expansion and development within the sector.
Despite facing a challenging year in 2023 due to economic variables impacting profitability, Torsion demonstrated resilience. Its financial accounts showed a turnover of £57m and a pre-tax profit of £115,696, compared to the previous year’s £63.4m revenue and £287,916 profit.
Nevertheless, Torsion’s strong secured order book is indicative of positive prospects, highlighted by £114m in new project wins in April, including a key residential job in Manchester valued at £25.9m.
The build-to-rent sector in the UK has experienced significant investment with the latest data from Knight Frank revealing £1.3bn invested in the first quarter of the year. This represents a 21 percent increase from the previous year and is the highest recorded for a first quarter, with London accounting for more than half of this investment.
The Torsion and HGP joint venture underscores a growing confidence in the UK’s build-to-rent sector, despite prevailing economic challenges.
