Acquisition Of Former Hanningtons Estate In Brighton
National law firm Irwin Mitchell's real estate team has advised Redevco, the European investment manager of high street retail properties, on the acquisition of the former Hanningtons Estate in Brighton. The price was over £50 million and the seller was West Register, part of The Royal Bank of Scotland.
This is the first major acquisition Redevco has made in the UK for some time and the site has excellent development potential. Redevco is planning to build upon the existing mixed-use development which will include the creation of a new "Brighton Lane" comprising shops, apartments and offices.
The property is around the site of the former Hanningtons department store and consists of nine adjoining and interconnecting buildings. The acquisition follows two other recent retail property deals for Redevco in Paris and Belgium.
The Irwin Mitchell team was led by real estate partner Jo Footitt, assisted by associate John Arey with Danny Revitt, partner advising on litigation, associate Rachel Lee on planning, associate Suzette Scott on employment, partner Alex Barnes on tax and partner David Parton on construction. RBS was advised by Chris Foxhall and Jennifer Johnson of Dentons.