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Hove’s Kings House sold
Contracts have been exchanged with regards to the sale of Brighton & Hove City Council’s Grade II listed building.
The building, located on Hove seafront and formerly occupied by the council, has been sold at a fixed sale figure of £26,125,000.
The purchaser is a joint venture development vehicle between local developer Rego Property and London based Pacific Investment called Mortar Nova Grand Avenue.
The council formerly occupied the building but relocated to Hove Town Hall and Bartholomew House in October 2016 as part of an efficiency programme.
The sale will boost council allowance and will go towards funding vital services for people living in the area.
It comes after an extensive marketing campaign undertaken by agents Cushman & Wakefield which generated interest from over 500 parties.
Warren Morgan, leader of Brighton & Hove City Council, said: “This is more good news for the council’s finances, and demonstrates that we were right to make the decision regarding the previous sale agreement that we inherited. We have achieved a larger receipt, earlier than previously anticipated. Selling Kings House will save us £2 million a year in operating costs, with money already invested in better customer services for residents both online and in Hove Town Hall.”
Piers Beckwith, director of Pacific Investments, said: “This is an iconic building along the seafront which offers an unparalleled opportunity to invest in Brighton & Hove, one of the most attractive locations on the south coast to live and work.”
Ronan Mellett, director of Rego Propert, said: “We’re delighted to have been able to acquire this property and look forward to undertaking its refurbishment and redevelopment into a leading residential location.”
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