City Estates have let their 75,000-sq ft scheme at the corner of Tichbourne Street and Church Street, Brighton, to International Factors, a subsidiary of Lloyds Bank. No rent has been revealed, although £10.25 per sq ft was recently achieved in the town for what City claim to be inferior space.
The transaction brings Egerton Trust one step closer to their acquisition of the Brighton-based City Estates group. Egerton have already bought an option to buy the whole share capital of City, with the option partly dependent on the Brighton offices being fully let.
Construction work on the new block will take 18 months. City Estates were represented by Stiles Harold Williams.
