A fixed sale figure has been agreed of £26.13m.

The purchaser – Morta Nova Grand Avenue – is a joint venture development vehicle between local developer Rego Property and London-based Pacific Investment.

Kings House (pictured above) is a Grade II-listed building located on the Hove seafront and was formerly the council’s headquarters.

Brighton and Hove City Council vacated the property in October 2016, when staff relocated to Hove Town Hall and Bartholomew House as part of an efficiency programme.

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The sale follows an extensive marketing campaign undertaken by agents Cushman & Wakefield, which attracted over 500 parties and nearly 40 offers when bids were called in May 2017.

Cllr Warren Morgan, the leader of Brighton and 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.

“Selling Kings House will save us £2m 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, added: “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.”