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U+I purchase of Preston Barracks goes unconditional
Specialist regeneration developer and investor U+I announced on Monday that its contract to purchase the Preston Barracks site from Brighton & Hove City Council is now unconditional, allowing it to deliver one of Brighton's biggest ever mixed-use regeneration projects.
The AIM-traded firm simultaneously exchanged contracts to partner with Scape Student Living to deliver 534 student beds, realising gains in line with previous guidance.
Earlier this year, U+I secured planning consent - in partnership with the University of Brighton - to deliver a £300m gross development value mixed-use regeneration along the Lewes Road in Brighton, which incorporates the Preston Barracks site.
The scheme would comprise 369 new and affordable homes, 1,338 purpose-built student bedrooms in managed halls of residence, a new academic building for the University of Brighton and a 50,000 square foot "innovation hub" for start-ups and SME businesses.
U+I said the project was expected to create more than 1,500 jobs and add approximately £281m to the local economy.
"This is another significant milestone as we continue to make progress towards reaching our target of £65-70 million of development and trading gains for FY18," said deputy CEO Richard Upton.
"This project will breathe new life into a corner of Brighton that has lain derelict for decades.
"Working in partnership with Brighton and Hove City Council, we are on site delivering one of the most significant regeneration projects in the history of the city."