Seven-storey office development in Brighton sold for £39 million

A Brighton office development set to open this year has sold for millions of pounds.

Monday, 21st January 2019, 3:47 pm
Updated Thursday, 7th February 2019, 6:30 pm
The Brinell Building in the North Laine area

The seven-storey Brinell Building, on Station Street, has been been bought for £39 million.

Developer and contractor McAleer & Rushe has announced it has exchanged contracts for the sum to Orchard Street Investment Management, which has purchased it on behalf of St James’s Place Property Unit Trust.

Property developer at McAleer & Rushe Angus Monteith said: “We are delighted to have exchanged contracts on the Brinell Building, which has proved extremely popular to both occupiers and investors.”

The development will feature 65,253 sq ft of ‘Grade A’ office space and it has been fully pre-let to tenants Unity Technologies, Diversified and Dehns based in Brighton.

Mr Monteith added: “The fact that it has been entirely pre-let eight months before completion illustrates not only the quality of the property itself but also of the wider Brighton office market, which continues to go from strength to strength.”

The Brinell Building is said to have achieved record rents for the city with each pre-let transaction topping out at £32 per sq ft, and with all of the leases agreed for a minimum of 10 years.

Partner at Orchard Street Tom Chadwick said: “The Brinell Building is a prime addition to the portfolio and upon completion of the development the property will present a fantastic Grade-A office."