by Aiken PR
Northern Ireland based developer and contractor McAleer & Rushe has exchanged contracts to sell the Brinell Building in Brighton. The company is selling the speculative office development for £39 million, reflecting a yield of 4.75%, to Orchard Street Investment Management, who has purchased it on behalf of St. James’s Place Property Unit Trust.
The building which is due to complete in Q2 2019 will comprise 65,253 sq ft of Grade A office accommodation across seven floors and it has achieved record rents for the city.
Located in the heart of Brighton’s office district, the Brinell Building is a short walk from Brighton Station which directly connects with Central London and Gatwick Airport. The City has a growing new digital, media and technology sector which has developed alongside a thriving corporate environment.
The developement is now fully pre–let to three tenants, Unity Technologies, Diversified and Dehns, which will all relocate from their existing premises within Brighton city centre. Each pre–let transaction topped out at £32.00 per sq ft, a first for the city, with all of the leases agreed for a minimum of 10 years.
Angus Monteith, Property Development Director at McAleer & Rushe, said: “We are delighted to have exchanged contracts on the Brinell Building, which has proved extremely popular to both occupiers and investors. The fact that it has been entirely pre–let eight months before completion illustrates not only the quality of the property itself but also of the wider Brighton office market, which continues to go from strength to strength.”
Tom Chadwick, Partner at Orchard Street, added: “The Brinell Building is a prime addition to the portfolio and upon completion of the development the property will present a fantastic Grade–A office. We are very confident in the prospects for the Brighton office market given the extremely favourably supply demand conditions as illustrated by the 100% pre–let nature of the building.”
Knight Frank acted jointly with Steerforth Partners for McAleer & Rushe and Jones Lang LaSalle acted for Orchard Street Investment Management.
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About McAleer & Rushe
A privately owned multi award winning business, McAleer & Rushe is one of the leading construction and property companies in the UK. Based in Cookstown with offices in London, Dublin and Belfast the company has multi–sector mixed use projects across the UK & Ireland and celebrated 50 years in business in 2017. For further information please visit http://www.mcaleer-rushe.co.uk/
About Knight Frank
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 16,000 people operating from 435 offices across 68 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the company, please visit knightfrank.com.
About Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager focused on the UK market, with assets under management in excess of £4 billion. It acts on behalf of institutional clients world–wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres.