18th Sep 2014 09:35
LONDON (Alliance News) - Development Securities PLC Thursday said the GBP100 million Circus Street regeneration project it is involved with in the centre of Brighton has received planning permission.
Development Securities is working in a joint venture with McLaren to help transform a derelict market in the centre of Brighton into a commercial, cultural and residential quarter. The development will include 142 new homes, 450 student beds, 38,000 square foot of office space, a dance studio and a new library and academic building for the University of Brighton.
The project is a 'public private partnership between Development Securities division Cathedral and McLaren, working alongside the freeholders of the land, Brighton and Hove Council and the University of Brighton.
Development Securities bought Cathedral in May of this year.
The scheme has been given a resolution to grant planning consent, which is the formal resolution by a local planning authority to grant planning permission, usually conditional upon the completion of legal agreements.
Development Securities shares were up 1.1% at 204.29 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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