In what's a perfect example of the rise and fall of the property market, Velocity Estates has once again changed their plans for their half-finished project in Sheffield.
This time around they are applying for planning permission for a 18 storey towerette next door to the main private 22 storey tower that will be used as student accommodation. As before the second part of the project will be linked to the main tower by a 5 storey wing.
It's a far cry from the bullish outlook of only a year ago when they planned to extend the main tower from 22 storeys to 30 with the second element being an 18 floor apart hotel showing how the market is gradually moving away from luxury towards easier income streams.
The continuing expansion of the higher education sector, spurred on in part by the British government's desire to avoid large numbers of young unemployed people, has made dedicated student accommodation one of the few parts of the property market that has not shrunk.
Sheffield unlike other major British cities like Leeds, Manchester and Birmingham also missed out on large private student housing blocks go up in the last boom making the market untapped with the vast majority of students housed in terraces, not towers.
There is of course the question of how the private tenants of the Velocity Tower paying approximately £800 a month for their apartments will feel about having students live next door but perhaps this time Velocity might be on a winner... unlike CALA, and the current developer's 22 floor plan, 36 floor plan, 33 floor plan...
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