Moorfield aims high with Velocity deal

Velocity Village in Sheffield has been bought by Moorfield Group, on behalf of the Moorfield Real Estate Fund II.

The opportunity was identified through Moorfield’s joint venture partnership with Ripon-based Newby Management, which will be Moorfield’s property management partner.

Developed between 2004 and 2010, Velocity Village is a 612,000 sq ft mixed-use commercial and residential development located on Tenter Street in Sheffield city centre.

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

Marc Gilbard, chief executive of Moorfield said: “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.”