Velocity shows no sign of slowing down

THE team behind a £110m residential development in South Yorkshire believe demand at the scheme is bucking the national picture of a property downturn.

Three-quarters of the 101 apartments in the V3 complex at Velocity Village in Sheffield were let five weeks after their release.

The one and two bedroom apartments, which opened their doors for occupancy in February, form part of the residential offering at South Yorkshire’s largest speculative mixed use development. 

Residential quarters at the £110M Velocity Village scheme comprise 433 studio, one and two bedroom apartments and a number of penthouses set around landscaped courtyards.

Completed in June last year, the first phase of residential saw around 133 apartments created in the mixed-use V1 tower at the gateway to the scheme on Tenter Street.

Later this year the last remaining phase of residential, 200 apartments in V4, will be released.

Daniel Biggins, residential lettings for Velocity Village, said: “Since the release of the first apartments in V1, interest has been exceptionally high and has continued throughout the additional phases of development.

“Aside from the obvious prime location close to the Cathedral Quarter and the quality of both the apartments and the development as a whole, tenants have been impressed with the ‘added extras’ such as the 600 car parking spaces and 24 hour concierge facility.

“The developers at Velocity Estates really have created a 24 hour environment for both the residential and commercial tenants and although Velocity Village has been a working site for the duration of some of the tenants’ time here, people seem genuinely excited to be able to watch the development taking shape. There is definitely a sense that people want to be a part of Velocity Village and evolve with it.”

In addition to the residential, Velocity Village comprises a total 127,000 sq ft of grade A office space.