Development land to the west of Brighton has been bought by real estate investment company Kennedy Wilson, signalling the start of a new era of stability and economic regeneration for the area.
Located in the strategically beneficial area south of the A27, the purchase includes 27,000 sq m of commercial space, which is income-producing. The tenants include Brighton City Airport Ltd, along with its terminal building, hangar and airfield. In addition, there is also a development site with existing consent for 25,000 sq m of new logistics and industrial accommodation.
The estate, owned by Albemarle Shoreham Airport Ltd, has been in administration since September 2016. The joint Administrators Simon Underwood and David Thurgood from Menzies LLP, have been adding value by re-gearing ground leases, gaining consent for 25,000 sq m of commercial development potential, and working with the developer of New Monks Farm and the Environment Agency to invest in local infrastructure.
Jake Harris, Head of Industrials, UK, Kennedy Wilson said: “This superbly located site is adjacent to Brighton & Hove Albion Premier League Football Club’s development, which will deliver significant infrastructure improvements, including a new roundabout and link road from the A27 that will also serve our site.
“We are looking forward to working with our new tenants, including the Airport, to improve the property and unlock its full potential as well as the prospect of facilitating a major new logistics and industrial development in a region that is acutely lacking in supply.”
Simon Underwood, Joint Administrator, Menzies LLP said: “We are pleased to have transformed the prospects of this estate and to have been able to complete the sale in difficult market conditions during the pandemic.”
Brighton City Airport Ltd will remain in charge of operations of the airport and be unaffected by the transition, continuing as the airport licensee.
Savills acted for the Administrators of Albemarle Shoreham Airport Ltd and Adynaton acted for Kennedy Wilson.