U+I completes sale of Brighton BTR homes to M&G
Regeneration specialist U+I, in joint venture with the founders of Scape and Gravis, has completed the sale of four new residential buildings at Circus Street in Brighton to M&G Real Estate. The city centre homes, comprising 114 one- and two-bedroom apartments for private rent will be retained and operated by M&G.
Masterplanned by shedkm working together with executive architect tp bennett, Circus Street is a new mixed-use neighbourhood that builds on Brighton’s existing character whilst providing a future focus on innovation and creativity. The project is being delivered by U+I in a GBP130 million Public Private Partnership with Brighton and Hove Council.
The new homes sit alongside 450 student bedrooms, a 30,000 sq ft office building and a new cultural hub for South East Dance. On completion of the whole scheme, U+I will have delivered over 400 new jobs and added more than £200 million gross value to the local economy in the next 10 years.
Rated BREEAM Excellent across the entire development, all accommodation at Circus Street has been designed to be highly energy efficient. Photovoltaic panels provide green energy to the homes and green roof systems encourage biodiversity. The neighbourhood is formed around two new planted urban squares, in an area previously lacking in green space. U+I has also created safe pedestrian and cycle routes, as well as more than 600 secure cycle spaces.
Rob Sloper, Development Director at U+I, says: “Completing the new homes at Circus Street is an important step as part of the transformation of this strategically important site in the city as we look forward to the opening of the new office and dance space later this year. The relationships we have built with Brighton & Hove City Council and the local community have helped us to create an exciting and thriving place, which will be home to healthy and happy community. We are exceptionally proud of what we are delivering in, and for, Brighton.”
Alex Greaves, Head of Residential Investment at M&G Real Estate, says: “This acquisition offered us an excellent opportunity to take advantage of limited supply in an area with few redevelopment possibilities and the continued demand for high quality accommodation. This is our second transaction with U+I and our first Build to Rent deal, providing our investors with exposure to the buoyant Brighton residential market. It has been a pleasure to work with a company that sees the value in thoughtful placemaking and the engagement of local communities. Circus Square will be a fantastic addition to this thriving hub and we look forward to working with U+I again in the future."
Tom Ward, Chief Executive Officer of Scape, says: “We are delighted to have completed this world class PRS scheme in the heart of Brighton following the successful opening of our first PBSA scheme opposite the University of Brighton. We have formed a strong relationship with both Brighton & Hove Council and U+I on both schemes, and look forward to furthering our relationship over the coming years.”