GCP Student Living and Gravis Capital management have agreed a £70m deal to forward-fund the office, student and residential elements of U+I’s Circus Street scheme in Brighton.
GCP Student Living, the UK’s first student accommodation-focused REIT, has forward-funded the office and student elements of the scheme, which cover 450 bedrooms and 30,000 sq ft of offices. Gravis has forward-funded the residential aspects, comprising 142 homes.
As a result of the deals, construction on the scheme, which is a public private partnership between U+I and Brighton & Hove Council, has now started.
The £130m project involves redeveloping a derelict former fruit and vegetable market in central Brighton as a new cultural destination for the city.
The development, designed by shedkm with TP Bennett, will support more than 400 jobs and inject £200m into the local economy over the next 10 years.
Brighton & Hove City Council has sold part of the site to the University of Brighton for its plans to be brought forward at a later date.
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