Leeds-based real estate company Torsion Group forms a joint venture with the Khalbros Group and Oliver Cookson’s Family Office to deliver The Phoenix – one of Yorkshire’s largest Build to Rent developments.
Torsion Group has successful completed the sale of 50% of the freehold and shares in the scheme to Oliver Cookson’s Family Office, with the remaining 50% being retained by Torsion Group and joint venture partner Khalbros Group.
“My roots are in the North – it’s where I’ve launched my latest nutrition venture, Verve, and it’s where I grew up and bought my first house. So, I feel passionate about this investment as it allows me to drive local economic growth even more, while providing high quality new housing for the area’s growing population of professionals. Leeds is a great place to invest for the long term. It’s a leading business hub with key growth industries bringing new opportunities, and a huge student population with the talent to make it even better.”Oliver Cookson
With a combined GDV of more than £90m, The Phoenix development aims to bring high-end, affordable living to the centre of Leeds. The scheme consists of two tower blocks. Block A will be a 21-storey, 156 apartment Build to Rent development, 223 ft high.
Block B will be a 17-storey private build-to-sell residential development. Reaching 180 ft, the development has been pre-sold to private owners.
The Phoenix – which will be the fourth tallest residential building on the Leeds city skyline – is expected to complete in 2024.
“The Phoenix represents our continued growth in the Living sector and the company’s first venture into the Build to Rent and Build-to-Sell market. This sale is a truly significant milestone in the evolution of Torsion Group.
“When set against the backdrop of a challenging economic, financial and housing market, it is clear to see just what a remarkable achievement it is for everyone involved. This deal shows that prime assets in great locations like The Phoenix are proving to be resilient and remain attractive to investors. I am incredibly proud of the Torsion team and their determination to develop and construct this landmark Leeds development.
“The Build to Rent assets complement our delivery model and operational business and deliver excellent returns for ourselves and investor partners. Having a fully vertically integrated delivery model including developer, contractor, facilities management, and operator allows us to ensure we deliver best-in-class sustainable buildings.”.
“We have a strong secured pipeline across all our living sectors, including purpose-built student accommodation, residential, later living and care homes. We will continue to grow in the Build to Rent sector and have recently secured planning on our subsequent three schemes in Leeds, Manchester and Sheffield.”Dan Spencer, Group CEO, Torsion Group Limited
The transaction team consisted of Shakespeare Martineau, DWF, Shoosmiths, Addleshaw Goddard on Legals, Cowgils and Saffery on Tax, Maslow Capital on Debt Financing with additional professional services provided by Abacus Cost Management, Gardiner & Theobald and Dalbergia Group.