Cathedral exchanges contracts to buy Brighton site

16th July 2014

Cathedral Group exchanges contracts with the University of Brighton and Brighton and Hove City Council to bring forward development of Preston Barracks

Cathedral Group ("Cathedral"), part of Development Securities, today announces the exchange of contracts with Brighton and Hove Council and the University of Brighton to bring forward the development of Preston Barracks, a mixed-use regeneration scheme in Brighton and one of the projects acquired in May 2014 within the Cathedral portfolio.

Under the terms of the joint venture, Cathedral and the University of Brighton have exchanged conditional contracts for the purchase of the long leasehold interest in a 2.2 hectare site from the City Council. The proposed mixed-use redevelopment, for which the masterplan is currently being advanced in conjunction with the University of Brighton, will see expansion of the university's Moulescombe campus. The development on the Preston Barracks site and adjoining university land will include student accommodation of up to 1,316 beds, new academic buildings, 350 private residential units and 25,000 sq. ft. of retail space. The development will also incorporate the Central Research Laboratory, a 55,000 sq. ft. commercial building for start-ups and SMEs in the high-tech manufacturing space for which £7.7 million of funding has been secured from the Coast to Capital Local Enterprise Partnership.

Matthew Weiner, Development Securities said: "The regeneration at Preston Barracks offers the potential to bring forward a significant, £150 million mixed-use redevelopment, that set within a wider mixed-use regeneration project, will transform this part of Brighton, creating a gateway to the north of the city."

 For further information, please contact:Matthew Weiner/Lucy Grimble 020 7828 4777