Ambitious plans to extend Brighton’s Churchill Square shopping centre to the seafront have moved a step forward with the purchase of the Russell Road car park.
Standard Life Investments, which owns Churchill Square and has worked with Brighton and Hove City Council on plans to transform the seafront, today announced it has bought the car park for £13.3million.
The £450m scheme would also see the demolition of the Brighton Centre and Kingswest complex, with a new conference and entertainment centre at Black Rock.
The council estimates the plans could generate up to 2,000 jobs.
Ed Jenkins, head of UK retail for Standard Life Investments, said: “On investment and strategic grounds, this is a great acquisition for the trust.
“Based in the heart of Brighton and next door to Churchill Square, it is a secure investment opportunity with the potential to add further value through asset management in the future.”
Russell Road car park is currently let to NCP, the UK’s largest private car park operator, on a lease with 22 years remaining.
