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