UAE’s Select Group Launch Velocity Tower in Sheffield

The strength and maturity of the UK property market continues to attract international investors, especially those from Gulf Cooperation Council (GCC) countries and Dubai-based international luxury property developer Select Group has launched Velocity Tower, a newly refurbished 21-storey urban development in Sheffield in the UK.

Situated to the south of Sheffield city centre, and within a short distance of the city’s high street and green spaces, Velocity Tower has been designed to elevate the standard of premium urban living in the city and provide the perfect synergy between vibrant urban living and nature’s tranquillity, the developer said.

Velocity Tower boasts a prime city centre location, a 10-minute walk to the University of Sheffield, as well many popular independent shops, bars and restaurants. Residents are also 15 minutes from Sheffield railway station and positioned between a number of the North’s major cities including both Manchester and Leeds, two key commuter and business hotspots.

Select Group has transformed the development’s existing 169 units, which are made up of studio, one and two bedroom apartments, to create spacious and modern living environments with elements of industrial styling in a nod to Sheffield’s historic roots as the Steel City.

Velocity Tower’s refurbishment also includes the reimagining of the building’s shared amenities, including both co-working spaces and a private meeting room, which will increase collaboration between residents and create a central hub for residents. Private lounges and a dedicated games area will also foster a deeper work life balance and encourage people to come together as a community.

In addition to the building’s refurbishment, Select Group has also revised its property management process for Velocity Tower to create a seamless and transparent resident experience for tenants.

Redefining Residential Market

Development Director at Select Group Stephen Allsop said that their transformation of Velocity Tower put the company in a prime position to redefine the city’s residential market.

He said that the building provides a high quality residence that will meet the needs of the young professionals flocking to Sheffield to take advantage of the city’s blend of fast paced growth and enhanced levels of work life balance.

“Velocity Tower offers a unique opportunity for residents to come together in a dynamic and community led environment, supported by convenient access to Sheffield’s extensive transport network, vibrant retail offerings and endless green spaces. We’re excited to show off the building’s re-imagination and to further cement Sheffield as a destination for premium urban living,” he added.

In fact, the synergy between the UK real estate market and the diversification strategies of GCC investors is becoming more pronounced than ever.

In an era marked by economic uncertainty, pulsating global property markets, and shifting investment strategies, the Gulf-UK investment trend is set to reach $3.2 billion in 2024, according to a research from The Bank of London and The Middle East (BLME), a London-based independent Shariah-compliant bank.

According to Lendlease, urban regeneration is about revitalising urban spaces and understanding what makes cities truly great. Such projects typically involve large-scale, mixed-used redevelopments (including apartments, workplaces, retail and public spaces) of inner-urban locations.

The key is to transform areas by repurposing existing infrastructure, to deliver something that’s special and tailor-made for the diverse communities that live within them, LendLease noted.