Redevco reveals its vision for Hanningtons Estate
European real estate investment manager Redevco is creating a pioneering new retail and leisure destination in Brighton. Having acquired £71 million of property assets in the vibrant UK seaside resort over the last 18 months, UK Portfolio Director Andrew Foulds reveals the company’s exciting plans for the Hanningtons Estate…
“We acquired the majority of the former Hanningtons department store site in 2015 and an adjacent mixed-use property on East Street at the end of last year.The Hanningtons Estate is historically the most important retail destination in Brighton and our recent purchase brings the original store back under a single ownership for the first time in decades. Already home to a diverse mix of high street brands and independents, we are creating a new entrance to the Lanes, a new Lane itself and redeveloping the existing buildings to create spaces that will attract new retailers and operators, as well as provide smart new homes for existing stores and businesses. The scheme combines larger stores fronting North Street, with smaller units in Hanningtons Estate – there will be something for everyone! We are also creating a small number of prestigious new apartments, which will be available to rent through the Hanningtons Estate.
“This area is an important landmark between East Street, North Street, the Leisure Quarter and Brighton Beach & Pier. Over the next two years, we are revitalising the Hanningtons Estate to create a place people want to explore, meet, eat, drink and shop. Brighton is a magnet for 8 million visitors each year seeking a ‘shopping and leisure experience’ and The Lanes is top of their list of places to visit. We want Hanningtons Estate to blend into the network of narrow alleyways, lanes, eclectic boutiques, restaurants and cafes/bars that already make this area of the city so special. But we also want to provide spaces that retailers can’t find elsewhere, so that we can draw new names in and create a destination that helps support existing businesses. It is about time there was significant investment in this part of Brighton and we feel there are gaps in the retail provision within the city, which the Hanningtons Estate can help fill.
“Our architects, Brighton based Morgan Carn Partnership, have blended the character and history of The Lanes, with the needs of modern retailers. The design incorporates local materials and will reveal the historic Puget’s Cottage, currently hidden behind the Timpsons shop front on North Street, for the first time in 140 years. We want Hanningtons Estate to be known for pioneering fashion, cutting edge art and inspiring food and produce.
“We have appointed Westridge Construction as our main contractor and work is starting on site in February, with completion scheduled for the first half of 2018. We can’t wait to get started! Work will initially focus on the rear of the site, enabling existing retailers to continue trading with minimum disruption. Our letting agents are in talks with target retailers for the new units and we hope to have more exciting news for you over the next few weeks.”