Stake in Brighton property scheme sold for £4m

A property developer has paid £4 million to take control of a building project in the centre of Brighton.

Development Securities, which owns Cathedral Group, has bought out McLaren, its joint venture partner in the old fruit and veg market in Circus Street.

Until Wednesday (18 March) both companies had a 50 per cent share in the £100 million project.

Development Securities is now reported to be preparing to put the building work out to tender, according to the Construction Enquirer website.

Planning permission was granted last year for 450 student bedsits, 142 flats, 38,000 sq ft of offices, teaching space for Brighton University, a library and a dance studio. The 1.8-acre site will house 11 buildings up to 13 storeys high.

In an announcement to the London Stock Exchange on Wednesday, Development Securities said: “The project is being delivered as a public private partnership alongside the freeholders of the land, Brighton and Hove City Council and the University of Brighton.

“The delivery strategy for the various elements of the scheme is now being progressed with construction anticipated to start on site later this year.”

Matthew Weiner, executive director, said: “Circus Street will create an exciting new quarter within Brighton, offering first class facilities for the university and for South East Dance within a vibrant new mixed-use community.

“Originally one of the projects within Cathedral Group’s portfolio, Circus Street perfectly complements our activities and builds on our experience in mixed-use regeneration in Greater London and the South East.

“We look forward to delivering the project alongside the council and the University of Brighton.”