European retail real estate investment manager Redevco has acquired a mixed-use high street property in the UK coastal city of Brighton for £14 mln (€17 mln) from CBRE Global Investors.
The transaction follows Redevco’s acquisition of the Hanningtons Estate in 2015 and takes the total amount invested in Brighton to £72 mln (€85 mln).
'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,' commented Andrew Vaughan, CEO of Redevco. '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 retail units, with office and residential units in the four upper floors, covering a total area of 1,793 m2. The shops are currently occupied by Sandro, Maje, Estée Lauder, Lush and Pret A Manger.
According to Redevco, Brighton has a primary shopping catchment area of 476,000 people, including a large student population, and a wider market of 750,000. Nicknamed “London on the sea,” it ranks 11th in the UK and 45th amongst cities in Europe as a 'very good' retail experience destination in Redevco’s City Attractiveness research analysis.
Fawcett Mead acted on behalf of Redevco, whilst KLM advised the vendor.
