One of Yorkshire’s largest build-to-rent residential developments has been delivered in the centre of Leeds.
The Phoenix consists of two tower blocks in the centre of Leeds. Tower Block A is a 156 build-to-rent apartment development, while Tower Block B is a private build-to-sell residential development.
The joint venture structure consists of 50% of the freehold being sold to Oliver Cookson’s Family Office, with the remaining 50% being retained by Torsion Group and Joint Venture partner Khalbros Group.
Dan Spencer, group chief executive of Torsion Group, 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.”
He added: “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.”
The combined GDV of the development is in excess of £90m, making this one of Yorkshire’s biggest residential developments.
Tower Block B, which represents the build-to-sell element of the scheme, has been pre-sold to private owners, and it will be ready for occupation in the first quarter of 2024.
Upon completion in 2024, The Phoenix will be the fourth tallest residential building on the Leeds city skyline. Block A reaches an impressive 21 storeys at 223ft high, and Block B stands at 180ft with 17 storeys.
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.
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.”