Tue, 16 Nov 2010 | ADMINISTRATION
Sheffield-based property developer Velocity Estates has called in the administrators to one of its offshoot companies Velocity Village.
Velocity Village - which built Sheffield's 22-storey Velocity Tower and is currently constructing the commercial Velocity Village complex, off Tenter Street - is co-owned by Velocity Estates and four other companies.
The Velocity Village complex boasts 445 studio, one and two-bed residential apartments and 106,000 sq ft of commercial space. The development is south Yorkshire’s largest speculative mixed use scheme.
Deloitte has been appointed as administrators and blamed the situation on the credit crunch, which has affected the property sector 'quite significantly.'
Daniel Butters, partner in Deloitte's reorganisation services team, said, “A combination of this economic environment and the companies' inability to meet financial obligations has meant that Velocity Village has had to enter administration.
“The Village is close to completion and the joint administrators will be overseeing the completion of the development whilst marketing the complex for sale.
“There will be no impact on the current tenants of the Village nor existing leaseholders and the Village will continue to run as normal,” he added.
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