UK-based Torsion Group has secured four new major building contracts within its residential and PBSA division worth a combined £114 mln (€130 mln).
The four projects are a £46 mln (€52 mln) residential complex for Select Property in Birmingham; a £25.9 mln (€29.5 mln) residential project in Manchester; a £10.2 mln (€11.6 mln) student housing scheme in York; and a £32 mln (€36.4 mln) student accommodation scheme with Bricks Group (for its true student brand).
All four developments are design and build and are being delivered by Torsion Construction.
Dan Spencer, chief executive at Torsion Group, said: ‘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.’
In addition to the new contracts, Torsion Group has a sizeable development pipeline, with four large projects approved or in the planning phase in Birmingham, Leeds, Sheffield, and Coventry, set to deliver 881 beds by 2025.
Phoenix, Torsion’s first BTR scheme, is currently under construction in Leeds with completion due by the end of 2023.
The company is actively engaged in negotiations with a number of key equity partners on other major BTR platforms.
The recent series of new contracts means that the Torsion Group is on track to top £122 mln (€139 mln) turnover in 2023.
