Redevco hands Brighton mixed-use estate £57m price tag
1st April 2025 Redevco has placed the Hanningtons mixed-use estate in Brighton on the market with an asking price of £57m, reflecting a net initial yield of 7.49% on the commercial element. Situated in the heart of The Lanes at the eastern end of North Street, Hanningtons sits on a 1.6 acre site and extends to a total area of 152,161 sq ft. It comprises 43 retail units, 11 office suites, and 63 flats. The asset produces a total gross income of £4,500,273 per annum, comprising gross incomes of £3,418,161 per annum on the commercial element and £1,082,112 per annum on the residential element. Hanningtons’ retail element spans 71,119 sq ft and is fully let to occupiers including Oliver Bonas, Joe & The Juice, White Stuff, Flying Tiger, Lululemon, Pret A Manger, The White Company, Watches of Switzerland, and Charlotte Tilbury. The entire commercial element provides a weighted average unexpired lease term of 4.95 years to expiry and 2.5 years to break. The estate also offers a range of asset management opportunities, including the letting of vacant units, refurbishment of vacant office space, the conversion of office suites to residential accommodation, the selling off of residential flats, and the continued management and curation...
