Redevco has acquired the 1.3-acre Hanningtons Estate which occupies a prominent position in the heart of Brighton’s vibrant shopping district. Following the £50 mln (€68 mln) acquisition from West Register, the company plans to undertake a mixed use development at the property.
The project will include the creation of a new Brighton Lane comprising shops, apartments and offices and will perfectly complement the strategic location of the Estate which sits between the existing historic north and south Lanes within the prime retail area of the thriving south coast City.
The portfolio acquired by Redevco around the site of the former Hanningtons department store, consists of nine adjoining and interconnecting buildings comprising 11,250 m². These currently incorporate 29 retail units over 6,500 m², 1,800 m² of offices and 41 residential units totalling 3,125 m².
Knight frank and GCW advised Redevco, while KLM advised Royal Bank of Scotland.