Development Securities PLC 100% stake acquired at Circus Street project (7164H)
18 March 2015 - 6:01PM
UK Regulatory
TIDMDSC
RNS Number : 7164H
Development Securities PLC
18 March 2015
18 March 2015
Development Securities takes 100% stake in mixed-use
regeneration project, Circus Street in Brighton
Development Securities today announces that it has bought its
50:50 joint venture partner, McLaren Property's stake in the GBP100
million 'Circus Street' regeneration project in Brighton for a
total consideration of GBP4.0 million.
Resolution to grant planning consent was secured in September
2014 to transform a derelict fruit and vegetable market in a prime
location in Brighton into a comprehensive mixed-use regeneration
project. Circus Street will incorporate 142 residential units, 450
student beds, 38,000 sq. ft. of office space as well as a new dance
studio for South East Dance and a new library and academic
buildings for the University of Brighton. The project is being
delivered as a public private partnership alongside the freeholders
of the land, Brighton and Hove Council and the University of
Brighton.
The delivery strategy for the various elements of the scheme is
now being progressed with construction anticipated to start on site
later this year.
Matthew Weiner, Executive Director said: "Circus Street will
create an exciting new quarter within Brighton, offering first
class facilities for the University and for South East dance within
a vibrant new mixed-use community. Originally one of the projects
within Cathedral Group's portfolio, Circus Street perfectly
complements our activities and builds on our experience in
mixed-use regeneration in Greater London and the South East. We
look forward to delivering the project alongside the Council and
the University of Brighton."
For further information, please contact:
Matthew Weiner/Lucy Grimble, Development Securities PLC
020 7828 4777
This information is provided by RNS
The company news service from the London Stock Exchange
END
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