Investec Structured Property Finance has agreed to provide mixed?use developer First Base and Patron Capital with a €41.3m (£35m), 3-year loan, to fund the speculative development of a commercial scheme in Brighton that is set to transform the city centre. The Edward Street Quarter project will see the €141.6m (£120m) redevelopment of the former AMEX House in Brighton city centre. As well as 110,000ft² of Grade-A workspace for Brighton’s burgeoning creative and media sectors, including a significant coworking element, there will be 40,000ft² of leisure space and 168 new homes, a mixture of for-sale and Build-to-Rent. McLaren Construction will be responsible for the construction phase, with the scheme expected to complete by Autumn 2021.
Daniel Carlisle at Investec Structured Property Finance, commented: “Edward Street Quarter is one of the most ambitious regional redevelopments in the UK, and reflects Investec’s growing reputation as a lending partner of choice for transformational placemaking schemes which incorporate the latest trends in how people want to live and work. First Base is an established property developer with a strong track record and the support of a major institutional investor in Patron Capital; we hope this is the start of a long and successful relationship.”
Steve Eccles, Project Director at First Base, added: “Starting on-site at Edward Street Quarter is a significant milestone as we move forward the delivery of Brighton’s largest speculative office scheme for over two decades. Working with Investec and Patron Capital we are bringing to the market much-needed workspace, helping to retain Brighton’s thriving business community, while delivering a renewed city centre neighbourhood.”