Major deal for Velocity Village

MIXED-USE scheme Velocity Village has been bought in a multi-million pound deal by Moorfield Group.

Developed between 2004 and 2010, Velocity Village is a 612,000 sq ft commercial and residential development located in Sheffield city centre.

It comprises 364 apartments and more than 100,000 sq ft of commercial office and retail space with more than 550 parking spaces, all set across five buildings.

Moorfield, a UK real estate and related private equity fund manager and investor, has acquired the development on behalf of the Moorfield Real Estate Fund II (MREFII).

The opportunity for the deal was identified through Moorfield’s joint venture partnership with Yorkshire-based Newby Management.

Newby will be Moorfield’s property management partner as the JV looks to realise the investment’s full potential.
 
Marc Gilbard, chief executive of Moorfield, said: “We are delighted to have acquired Velocity Village at this point in the real estate cycle, and with the partnership we have with Newby and the new, dedicated management team, we will be able to provide it with a new lease of life and allow the development to realise its full potential as a truly outstanding place to live and work.”
 
Simon Hepden, one of the founding partners of Newby Management said: “We are very excited to be partnered with Moorfield on this investment opportunity and I feel confident that Velocity Village will become one of the most sought after residential and business locations in the city.”

The Leeds office of law firm DWF advised Moorfield with real estate partners Simon Meek and Charles Jackson alongside corporate partner Lester Wilson.
 
MREFII was also advised by PWC and Grant Thornton on tax.