UK lender RBS has launched the sale of its mixed-use Hanningtons estate, which comprises the freehold to 1.32 acres of office, residential and retail property as well as a number of development opportunities in Brighton’s shopping district.

UK lender RBS has launched the sale of its mixed-use Hanningtons estate, which comprises the freehold to 1.32 acres of office, residential and retail property as well as a number of development opportunities in Brighton’s shopping district.

RBS has appointed agents KLM to market the property, which is being sold as a single lot. It comprises 68,000 sq ft (6,300 m2) of retail across 30 existing shops as well as 41 residential units.

Hanningtons Estate also includes Huntingdon House, a 12,000 sq ft fully let office building with retail at ground level as well as 4,500 sq ft of offices in Brighton Place which RBS developed out of a derelict space and subsequently let to G2 Legal.

In addition, there is full planning permission to build a new Brighton Lane, which RBS gained in December 2013 and provides consent for 13 new retail units with seven residential units and over 4,000 sq ft of offices.

Helen Gordon, global head of Real Estate Asset Management at RBS, commented: 'RBS has undertaken a significant amount of active management to improve this estate. The property is now prepped and ready for a new owner to choose the tenant mix and undertake the development which will create a prime fully institutional asset.'

Separately, RBS announced it is looking for a new owner for its Heartlands development in West Lothian, Scotland. Heartlands is one of the largest regeneration schemes in the UK, comprising 64 acres of mixed use commercial land and 488 acres of residential land with outline planning permission for 2,000 units. CBRE and Justin Lamb Associates have been appointed to manage the sales process.

Two plots comprising around 20 acres with full planning permission for 187 homes in total have already been sold - to Bellway and Taylor Wimpey. Construction is ongoing at these two plots and the first 100 homes have been sold or occupied.

In early 2014, RBS completed the sale of around 27 acres of the Heartlands business park to Oil States Industries. Oil States is creating a new, consolidated Central Scotland facility which will complete this year, at which time Heartlands will have its first 100 employees on site.