News | Residential Investment
Velocity Tower in Sheffield Goes On the Market
Velocity Tower, a landmark mixed use scheme in Sheffield, was brought to the market last week by Allsop’s residential investment team on behalf of D F Butters and A P Berry, Joint Administrators.
Velocity Tower was built by the developers of Velocity Estates, which went into administration in November 2010. The purpose built 22-storey residential development contains 160 apartments, 5 ground floor offices and planning permission for a new 18-storey student accommodation tower and an additional 9 storeys on top of the existing tower.
Located on the east side of St Mary’s Gate the tower is in a prime location for young professionals and students due to its close proximity to bars, restaurants and nightclubs in the city centre. The University of Sheffield and Sheffield Hallam University are situated within half a mile of the tower.
The current rental income is £1,084,160 per annum with an opportunity to increase to £1,224,000 when the building is fully let. Offers are invited in excess of £10,500,000
Related Insights
PBSA Budgets: Why We’re No Longer Comparing ‘Apples with Apples’ Vicky Bingham
Student accommodation has matured rapidly as an asset class. Institutional capital, with sophisticated operating partners, en...
Leasehold Reform: History in the Making
With approximately 4.8 million leasehold flats and houses across England, the Leasehold system is currently subject to a peri...
Key Planning Changes to be Aware Of
National Planning Policy UpdatesAs a further push to ‘get Britain building’ and achieve Labour’s manifesto pledge of deliveri...
Upward and Downward Rent Reviews - does it matter?
An upwards-only rent review (UORR) is a lease clause ensuring a rent stays the same or increases at review, even if market ra...