Velocity Tower for sale
ONE of the tallest buildings in Sheffield has gone onto the market with a price tag of more than £10.5m.
The 22-storey mixed-use Velocity Tower has been brought to the market by Allsop’s residential investment team on behalf of joint administrators Adrian Berry and Dan Butters of Deloitte.
Velocity Tower was built by developer Velocity Estates, which went into administration in November 2010.
The residential development contains 160 apartments, five ground floor offices and planning permission for a new 18-storey sister student accommodation tower and an additional nine storeys on top of the existing tower.
The scheme is primarily aimed at students in the city.
The rental income of Velocity Towers is £1.08m a year, rising to £1.2m when the building is fully let.
