Investment Manager Redevco has plans to create a new Brighton Lane after acquiring Hanningtons Estate.

The 1.3-acre Estate will undergo a mixed use development which is set to create a new Brighton Lane which will include shops, apartments and offices.

The Estate is situated between the existing historic north and south Lanes and within the prime retail area of Brighton.

“The Hanningtons Estate epitomises all the key factors that Redevco is looking for in its retail investments,” commented Adam Starr, Managing Director Redevco UK.

“It’s located in an attractive, historic shopping district at the centre of a town that is a magnet for visitors and has an affluent and creative population.

“There are also numerous opportunities to add value through asset management and development as we have done in High Streets located in historic areas in towns and cities across Europe for many years.

“We are also delighted to have been able to complete the complex transaction in a very tight timeframe after securing the opportunity against some strong competition.”

Helen Gordon, Global Head of RBS Real Estate Asset Management added: “Having undertaken a significant amount of active management and improvement works to the Hanningtons Estate, including achieving detailed planning for a new Brighton Lane, as well as an upgrade to the public realm on North Street, we are pleased that the site will be in the hands of a well-respected long term owner in Redevco.”

Redevco also recently acquired two further retail property deals in Paris and Belgium, following its new long-term investment programme focusing on assets it believes will survive and grow in the High Street.