Dutch high-street property specialist Redevco has acquired the mixed-use Hanningtons Estate in the UK coastal city Brighton for over £50 mln (€68 mln).

Dutch high-street property specialist Redevco has acquired the mixed-use Hanningtons Estate in the UK coastal city Brighton for over £50 mln (€68 mln).

The property comprises nine interconnecting buildings around the former Hanningtons department store, made up of 29 retail units spanning 6,500 m2 of space, 41 residential units across 3,125 m2 and 1,800 m2 of offices.

Redevco acquired the site from RBS with planning permission to build a new shopping street, Hannington Lane, with 13 retail units, seven residential units and office accommodation. The developer did not disclose how much it plans to invest in the project.

Retail rents of around £1,345 per m2 compare favourably with other central Brighton locations such as Churchill Square and East Street.

Adam Starr, managing director of Redevco UK, said: ‘The Hanningtons Estate epitomises all the key factors that Redevco is looking for in its retail investments. It’s located in an attractive, historic shopping district at the centre of a town that is a magnet for visitors and has an affluent and creative population. There are also numerous opportunities to add value through asset management and development as we have done in high streets located in historic areas in towns and cities across Europe for many years.’

RBS put the site on the market in March as part of its strategy to improve the North Street and the Lanes retail area in central Brighton. The bank is investing in a wholesale upgrade of North Street with relocated bus stops, widened pavements and pedestrian crossings, trees and new street furniture. A planning application has been submitted for an additional link between North Street and the Hanningtons Lane development.

Knight Frank and GCW advised Redevco, while KLM advised Royal Bank of Scotland.