UK: Torsion Group has formed a joint venture with Housing Growth Partnership (HGP) to deliver a £53 million development at Hollis Croft, Sheffield.
The JV will provide funding to bring forward a 234 bed BTR project. Torsion Developments and HGP, the Lloyds-backed equity investor in the UK living sector, are both providing equity into the scheme.
Hollis Croft will range from seven to 17 storeys, providing views across the city and beyond.
Torsion Construction will undertake all aspects of the on-site delivery acting as main contractor, with Torsion Developments acting as development managers.
The project will be Torsion’s second scheme in the city and first in the BTR sector. Completion is expected in mid-2026 providing much needed rental housing in the city centre, which has a 42 per cent retention rate of its large student population post study.
The development comprises one- and two-bedroom, plus studio apartments. It is situated within the Cathedral Quarter of Sheffield city centre.
Amenities will include e a residents’ lounge, home cinema, gym, coworking areas with meeting rooms, and bicycle storage.
The development is aiming for a 3-Star Fitwel Certification, the highest score available.
Dan Spencer, chief executive at Torsion Group, said: “We are delighted to announce our joint venture with HGP to jointly fund these high quality built to rent apartments in the centre of Sheffield.”
“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,” he added.
Katie McCarron, investment manager at 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.”
