16th Jul 2014 09:15
LONDON (Alliance News) - Development Securities PLC Wednesday said its subsidiary Cathedral Group Holdings Ltd has agreed with Brighton and Hove Council and the University of Brighton to develop Preston Barracks, a mixed-use regeneration scheme in the seaside town.
Development Securities acquired its long-term joint venture partner Cathedral Group in May for an initial consideration of GBP20.9 million to be settled in cash and shares.
Under the terms of the joint venture, Cathedral Group and the University of Brighton will buy the long leasehold interest in the 2.2 hectare site from the city government.
The proposed mixed-use redevelopment will see expansion of the university's Moulescombe campus. The development on the Preston Barracks site and the adjoining university land will include student accommodation of up to 1,316 beds, new academic buildings, 350 private residential units and 25,000 square foot of retail space.
Development Securities said the development also will incorporate the Central Research Laboratory, a 55,000 square feet commercial building for start-ups in high-tech manufacturing space, for which GBP7.7 million of funding has been secured from the Coast to Capital Local Enterprise Partnership.
Development Securities shares were quoted up 1.0% at 223.00 pence Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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