Exton Estates has acquired the freehold interest of Imperial House in Brighton from Wesleyan Assurance Society for an undisclosed price.
The specialist office and industrial property developer intends to to comprehensively refurbish the 11,514 sq ft city centre building. The office building, which is arranged over lower ground, ground and four upper floors, is majority let to the BBC.
Martin Clark, investment partner at SHW, which acted for Wesleyan Assurance Society on the deal alongside Nightingale Partners, said: “Imperial House is an unusual product, with well-shaped and sized floor plates, great parking and potential for external space to be added to improve the occupier experience. The numerous asset management opportunities made this an attractive acquisition for Exton Estates, to utilise their development expertise.
“This, plus the strong letting potential in Brighton, where office rents above £40/sq ft have now been achieved by SHW, demonstrate that Exton Estates can create a premium product and secure lettings which will underwrite the future value of the building.”
Bray Fox Smith represented Exton Estates on the purchase. SHW has been retained to let and manage the building.
