Torsion Group has formed a Joint Venture to oversee the development of one of Yorkshire’s largest Build-to-Rent Residential projects, in collaboration with Khalbros Group and Oliver Cookson’s Family Office.
The Leeds-based Real Estate company is delighted to announce the successful sale of 50% of the freehold and shares in The Phoenix residential scheme.
Comprising two tower blocks situated in the heart of Leeds, Tower Block A is a 156-apartment Build-to-Rent development, while Tower Block B is designated for private build-to-sell residential purposes.
With a combined Gross Development Value (GDV) exceeding £90m, this project ranks among Yorkshire’s most substantial residential developments. It aims to introduce high-end, affordable living options to the prominent Leeds market.
The Joint Venture arrangement involves the sale of 50% of the freehold to Oliver Cookson’s Family Office, while Torsion Group and Joint Venture partner Khalbros Group retain the remaining 50%.
The Build-to-Sell component of the scheme, represented by Tower Block B, has already been pre-sold to private owners, with occupancy expected in the first quarter of 2024.
Upon completion in 2024, The Phoenix will stand as the fourth tallest residential building on the Leeds city skyline. Tower Block A boasts an impressive 21 storeys, reaching a height of 223ft, while Tower Block B stands at 180ft with 17 storeys.
Key players in the transaction include legal firms Shakespeare Martineau, DWF, Shoosmiths, and Addleshaw Goddard, as well as tax experts Cowgils and Saffery. Debt financing was provided by Maslow Capital, and additional professional services were rendered by Abacus Cost Management, Gardiner & Theobald, and Dalbergia Group.
Dan Spencer, Group CEO of Torsion Group Limited, said: “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.”
Oliver Cookson, said: “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.”
To find out more about The Phoenix, visit https://www.torsiongroup.co.uk/the-phoenix-leeds/
For more information on Torsion Group Ltd, go to https://www.torsiongroup.co.uk/