European retail real estate investment manager Redevco has acquired a mixed-use high street property in the UK coastal city of Brighton, for in excess of £14 million. This transaction follows Redevco’s acquisition of the Hanningtons Estate in 2015 and takes the total amount invested in Brighton to £72 million.
Andrew Vaughan, CEO of 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 retail units, with office and residential units in the four upper floors, covering a total area of 1,793 sq.m. (19,305 sq. ft.). The shops are currently occupied by Sandro, Maje, Estée Lauder, Lush and Pret A Manger.
Located in the heart of Brighton near the seafront, the Lanes quarter is a network of narrow alleyways and lanes that is home to an eclectic mix of boutiques and independent retailers. This makes Brighton a magnet for visitors seeking a “shopping experience” and places it third for location demand by retailers among UK urban centres.
The city 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,” Brighton attracts around eight million visitors annually who spend an estimated £410 million a year. Brighton also 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 acted for the vendor CBRE Global Investors.