Danescroft and Bridges Fund Management have acquired a site in Hastings for a £50m residential scheme.
The partners have bought a 13-acre site with the office building Ashdown House. The 220,000 sq ft building is currently occupied by the Department of Work and Pensions, and its lease runs until March 2021.
The building has permitted development rights for a change of use to residential. Danescroft and Bridges will submit an application to replace the building with 150 new homes.
James Trelfa, director at Danescroft, said: “Together with Bridges, we intend to bring forward a large residential-led scheme, regenerating a soon to be obsolete office complex, bringing associated economic and social benefits to the local area.
“Danescroft and Bridges are actively seeking similar unconsented sites and have ample equity to deploy for the right opportunities.”
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