Friday, 27 March 2015
RBS to sell The Hanningtons Estate in Brighton (UK)
RBS announces that it has commenced marketing for the sale of the mixed-use Hanningtons Estate, which comprises the freehold to 1.32 acres of office, residential and retail property, together with a number of significant development opportunities on North Street and the Lanes in the heart of Brighton’s vibrant shopping district. RBS has appointed agents KLM to market the property.
The estate, which is being sold as a single lot, comprises approx. 6,317 m² of retail across 30 existing units ideal for a mixture of high street luxury brands and leisure operators, above which there are 41 residential units ranging in size from one to six bedrooms and including skyline views of Brighton.
Hanningtons Estate also includes Huntingdon House, approx. 1,115 m² fully let office building with retail at ground level as well as approx. 418 m² of offices in Brighton Place which RBS developed out of a derelict space and subsequently let to G2 Legal.
In addition, there is full planning permission to build a new Brighton Lane, Hanningtons Lane, which RBS gained in December 2013 and provides consent for 13 new retail units with seven residential units and over approx. 372 m² of offices above.
North St and the Lanes form part of the central core of Brighton’s retail offering and serve a local shopping population of over 300,000 with an available ‘non-grocery’ spend of £1.25 bln (approx. €1.7 bln) per annum in addition to the 8 million tourists who visit the City and spend around £700 mln per year (approx. €959 mln).
Helen Gordon, Global Head of Real Estate Asset Management at RBS, commented: “RBS has undertaken a significant amount of active management to improve this estate, most notably achieving detailed planning for Hanningtons Lane, building 372 m² of offices and 3 flats in Brighton Place and the near-complete North Street improvement works, all of which have added value to the asset itself and enhanced the wider local environment.”
Source: FTI Consulting