Redevco is under offer to buy the Hanningtons Estate in Brighton from Royal Bank of Scotland’s West Register.
The pan-European investor has agreed to pay £55m – a 3% yield – for the 1.3-acre estate.
The site is currently occupied by 68,000 sq ft of shops, 41 flats and 19,500 sq ft of offices.
RBS has secured consent from Brighton and Hove council to build a new addition to the Lanes, dubbed Hanningtons Lane, which would add a further 13 shops and restaurants, seven flats and two office floors to the estate.
The Hanningtons Estate, one of the largest freehold properties in the south coast town, was originally home to Hanningtons department store. It has dominated the North Street retail area of the town for nearly 200 years.
KLM advised RBS on the sale; Knight Frank acted for Redevco.
