Redevco acquires Brighton's Hannington Estate
Redevco, the investment manager of high street retail properties, has acquired the 1.3 acre Hanningtons Estate in Brighton.
Following the £50 million acquisition from Royal Bank of Scotland, the company plans to undertake a mixed-use development at the property which will include the creation of a new Brighton ‘Lane’ comprising shops, apartments and offices.
The estate, which sits between the existing historic north and south Lanes around the site of the former Hanningtons department store, consists of nine adjoining and interconnecting buildings comprising 11,250 square metres. These currently incorporate 29 retail units over 6,500 square metres, 1,800 square metres of offices and 41 residential units totalling 3,125 square metres.
Adam Starr, managing director Redevco UK, said: “The Hanningtons Estate epitomises all the key factors that Redevco is looking for in its retail investments. It’s located in an attractive, historic shopping district at the centre of a town that is a magnet for visitors and has an affluent and creative population.
“There are also numerous opportunities to add value through asset management and development as we have done in high streets located in historic areas in towns and cities across Europe for many years. We are also delighted to have been able to complete the complex transaction in a very tight timeframe after securing the opportunity against some strong competition.”
The acquisition follows the completion of retail property deals in Paris and Belgium by Redevco in recent months.
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