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Development site has a gross development value of £14 million
Brighton, 15th November 2016 - JLL’s Hotels & Hospitality Group has advised on the sale of a prime development site situated in the heart of central Brighton. 9, 10, 11 and 11A Queens Square and the former ice rink in Brighton have been marketed by JLL’s dedicated Serviced Apartments team led by Max Thorne. The 26,372 sq ft site has planning permission for a serviced apartment hotel which will hold around 65 units, scheduled to open in 2018. The property is situated between the seafront and Brighton railway station and is in a prime position to benefit from tourists and business travellers. JLL advised owners The Light Brighton LLP on the purchase. Max Thorne, Managing Director in JLL’s Hotels & Hospitality Group, commented: “Brighton is recognised for being a leading cultural centre but increasingly it is growing as a corporate base given its appeal as a home to a highly educated and cosmopolitan work force. The hotel market in Brighton has consistently outperforming the UK regional market by c.40% in terms of RevPar over the last 3 years.” Since winning the mandate to advise the owners on the purchase, JLL has been retained by the buyers, SuperCity UK, to expand their business across London and into prime UK markets. Demand for the sector is rising as the ‘bleisure’ market grows. Serviced apartments are soon set to become an established asset class as demand for the sector grows due to the rise of the 'bleisure' market. Since 2008 investment volumes in the UK have grown from £7.3 million to £325 million in 2015. JLL predicts that transaction volumes will grow as a result of the attractive yields compared to other asset classes. The South East region of England encompasses approximately 48 apartment hotel offerings, representing a total of 963 rooms. There are currently only 6 apartments in the extended stay sector in Brighton. JLL is the only property company to have a dedicated Serviced Apartment team.
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