Brighton & Hove City Council’s former seafront office buildings have been sold to developers for over £26m.
The sale of the freehold of Kings House was made to a joint venture development vehicle — Mortar Nova Grand Avenue — between local developer Rego Property and London-based Pacific Investment.
The Grade II listed building — located in Hove and vacated by the council in October 2016 — went for a fixed sale figure of £26,125,000.
‘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,’ said leader of Brighton & Hove City Council, Cllr Warren Morgan.
‘We have achieved a larger receipt, earlier than previously anticipated. 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.’
Ronan Mellett, director of Rego Property, said: ‘We’re delighted to have been able to acquire this property and look forward to undertaking its refurbishment and redevelopment into a leading residential location.’
