Brighton Council completes £300 million deal with U+I
Mon 19th March 2018, 10:11 am
Brighton and Hove City Council has exchanged contracts with developer and Sitematch sponsor U+I on the redevelopment of Preston Barracks, one of the cityís largest-ever regeneration projects.
Preston Barracks is a brownfield site which has been derelict for over 20 years. The transformation will bring 369 new homes to the area, as well as 534 student beds. It will also include new public streets, squares, green spaces and a one km fitness route with exercise equipment.
A key part of the project is the creation of a 4,600sq m innovation hub, which fits the council’s plans to attract start-ups and high growth companies to the area. U+I has previously delivered a similar innovation Hub in the Old Vinyl Factory in Hayes.
Speaking to Sitematch London, U+I’s director of acquisitions James Bishop said: “We’re delighted to have completed contracts with Brighton and Hove City Council to transform this run-down area and deliver an exciting new place that will benefit both the local community and the city as a whole. Preston Barracks is one of the most significant mixed-use regeneration projects in the history of Brighton. It will deliver new homes, student beds and a new academic building for Brighton University, as well as an innovation hub for start-up businesses and entrepreneurs. We hope this will attract enterprising and high-growth companies and increase international investment into Brighton.”
Warren Morgan, leader of Brighton & Hove City Council, said: "This is an enormous boost for homes, jobs and businesses in the city, a landmark development finally making good use of a site that has been derelict for decades. It’s a great step forward for the University of Brighton and will provide a significant amount of student accommodation that will help reduce the pressure on our housing stock. The city council is pleased to be part of this creative partnership regeneration project with U+I which will bring huge benefit to the city and to the community around Lewes Road."