SHW and Nightingale Partners, on behalf Wesleyan Assurance Society has sold the freehold interest in Imperial House, Brighton to Exton Estates.
The privately owned, specialist office and industrial property developer plans to comprehensively refurbish the prominent, 11,514 sq ft City Centre office building, bringing it back to life for potential new occupiers. SHW has been retained to let and manage the building.
Martin Clark, Investment Partner at SHW, 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 per 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.”
Imperial House is located at 40-42 Quens Road in the heart if the centre, within a 3-minute walk of Brighton Railway Station. Arranged over lower ground, ground and four upper floors, the building is majority let to the BBC.
Bray Fox Smith represented Exton Estates in the purchase.