Redevco has acquired a mixed-use high street property in Brighton for in excess of £14m.
This transaction follows Redevco’s acquisition of the Hanningtons Estate in 2015 and takes the total amount invested in Brighton to £72m.
Andrew Vaughan, chief executive at Redevco, said: “Redevco’s acquisition in East Street brings Brighton’s original larger Hanningtons department store back under single ownership. We are transforming the Hanningtons Estate, a historically important retail destination, and creating a new Brighton ‘Lane’ over the next two years. These investments will greatly improve the shopping experience in this area for residents and visitors to the city.”
The 38-42 East Street property is adjacent to the 1.3-acre Hanningtons Estate. It consists of five shops, with offices and flats on the four upper floors, covering a total area of 19,305 sq ft. The shops are currently occupied by Sandro, Maje, Estée Lauder, Lush and Pret A Manger.
Fawcett Mead acted on behalf of Redevco; KLM acted for vendor CBRE Global Investors.
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