Torsion Group secures £114m new contracts including first for Manchester.
Torsion Group has secured four new major construction projects totalling £114m within our Residential and PBSA (Purpose Build Student Accommodation) division, including our first development in Manchester.
The recent series of new business wins means that the Torsion Group is on course to top £122m turnover in 2023.
The four schemes are; a £46m residential development in Birmingham for Select Property; a £25.9m residential scheme in Manchester; a £10.2m student accommodation Scheme in York; and a £32m student accommodation scheme with Bricks Group (for its true student brand).
Due to the challenging market conditions over the last few years, the company has utilised its design-to-budget philosophy to secure these schemes. All four developments are design and build and are being delivered by Torsion Construction.
In addition to the new contract wins Torsion Group has a very significant development pipeline, with four major projects currently consented or in planning in Birmingham, Leeds, Sheffield, and Coventry to deliver 881 beds by 2025.
The company has managed to achieve impressive growth over the last few years despite industry-wide challenges around rising costs, covid and material shortages. The transition over the last five years into a high-performing real estate business, including developer, builder, and operator, has been led by its CEO, Dan Spencer.
Torsion Group successfully handed over two Purpose Build Student Accommodation developments in 2022. Compass, a 290-bed scheme in Birmingham and Trapezium, a 91-bed scheme in Leeds. This was extraordinary given that these developments were slowed down twice by COVID and supply issues caused by the conflict in Ukraine. The Compass development also recently received the much-coveted Fitwel 3-star certification, the world’s leading building certification system that focusses on the health and wellbeing of residents.
Other major projects currently underway include Phoenix in Leeds, Torsion’s first BTR (Build to Rent) scheme, which is on track to complete at the end of 2023. The company is proactively involved in negotiations with a number of key equity partners on other major BTR platforms.
Dan Spencer, chief executive at Torsion Group, said: “With the developments and operational businesses thriving and such an exciting period of growth within the construction business, I will be taking a more hands-on role in leading the construction part of the group throughout the growth period, providing additional stability, growth and continuity.”
“This is an exciting time for our business with the growing pipeline of student and residential schemes as well as expansion into the Manchester region.”
“Our first scheme in Manchester signifies a new chapter in our growth and is the first of a number of higher value projects that we are pursuing in the North West. The development will deliver high-quality residential accommodation in a city centre location that will contribute to the thriving Manchester economy.”
Dan added: “We have invested in our business to ensure we have the right calibre of staff and infrastructure to deliver all our schemes. The new developments will deliver significant progression in achieving our business growth plan, which has strong foundations on our strategy of recruiting the best people in the industry.”
Torsion Group is currently looking to recruit exceptional Project and Commercial Leaders in the Midlands, North West and Yorkshire. They will join the rapidly expanding team and, with a secured pipeline of works in place, will have access to excellent career progression in this rapidly expanding business.
Anyone interested in joining team Torsion and helping to continue delivering exceptional developments can visit the Torsion careers page.