Market Leads & Opportunities
Brighton retail park sold for £32m
A retail park within Brighton’s coastal commercial hub has been acquired for £32m.The 76,827 sq ft Pavilion Retail Park has been purchased by CCLA Investment Management.The recently revamped site is fully let to the likes of Aldi, B&Q, Halfords, Hobbycraft and Costa, generating a passing rent of £1.89m per annum.It is also close to the nearby Preston Barracks site, which is being redeveloped by U&I and Brighton and Hove City Council to create 369 new homes and 1,338 student-beds.Avison Young acted for the seller while Allsop acted on behalf of the purchaser.A prime retail park in the coastal commercial hub of Brighton has been purchased by CCLA Investment Management, one of the UK’s largest charity fund managers, for £32m at 5.5 per cent NIY.
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