McAleer & Rushe has sold its newly completed Cityview office building in Brighton to a family office for £14.8m – a yield of 5.53%.
Completed in early 2016, the 32,000 sq ft property is the first new grade-A office accommodation to be delivered in the city centre since 2009.
The building is located within Brighton’s New England Quarter, adjacent to the train station.
The building is fully let to a variety of technology and media tenants, including Unity Technologies, Ideal Networks and Rocket Mill, with an average unexpired lease term of 8.5 years. Rents achieved set a new headline for the city, with the average rent at £27.50 per sq ft.
Angus Monteith, development manager at McAleer and Rushe, said: “We are pleased to have delivered this flagship office building to the Brighton market, where demand for quality new space from technology operators is growing from an already high base.
“Brighton & Hove Council moved swiftly and decisively to enable us to bring forward this scheme, resulting in 550 skilled jobs within the local economy.”
McAleer & Rushe was advised by Steerforth Partners and Knight Frank, while the purchaser was represented by JLL.
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