Hanningtons Brighton 20 Properties Offered at $105,265,580 CAD in Brighton

A freehold estate which has dominated North Street for almost 200 years - Hanningtons is one of the largest Freehold estates in Brighton and sits on a 1.6 acre site at the eastern end of North Street in the heart of The Lanes district.
Brighton is one of the dominant retail destinations in the South East and retains 90% of its spend within the primary catchment (CACI).
Brighton is an all season city and the 2nd most visited city in the South of the UK by overseas tourists (Knight Frank).
Brighton over-indexes on affluence, with more than three times the national benchmark for “rising prosperity” according to CACI.
Brighton is one of the most important office markets in the South East and has the most start-ups per capita in the UK. Brighton's strength as a residential location has enabled considerable rental and capital growth in recent years, with sales growth data showing a 16.28% increase from Q3 2019 to Q3 2024 (Knight Frank). The mixed-use estate provides 43 retail units, 11 office suites across 4 buildings and 63 flats arranged across 10 buildings providing a total accommodation of 152,161 sq ft.
Hanningtons produces a total gross income of £4,500,273 pa (comprising a gross income of £3,418,161 pa on the commercial element and a total of £1,082,112 pa gross income on residential element).
The commercial element provides a Weighted Average Unexpired Lease Term of 4.95 years to expiry (2.90 years to break).
Hanningtons retail element is fully let and is occupied by renowned multinational retailers including; Oliver Bonas, Joe & The Juice, White Stuff, Flying Tiger, Lulu Lemon, Pret A Manger, The White Company, Watches of Switzerland and Charlotte Tilbury.
The estate offers an array of asset management opportunities for an incoming investor, including letting of vacant units, refurbishment of vacant office space, conversion of office suites to residential accommodation (STPP), selling-off the residential flats and the ability to estate manage and continue to curate brands which are complementary to drive growth.
Offers are invited in excess of £57,000,000 (Fifty Seven Million Pounds), subject to contract and exclusive of VAT, reflecting a capital value of £375 psf.
A purchase price at this level can be apportioned as:
• £40,500,000 on the commercial element, reflecting an attractive Net Initial Yield of 7.49% after the allowance of standard purchaser's costs.
• £16,500,000 on the residential element, reflecting a Gross Initial Yield of 6.56% and Gross Reversionary Yield of 7.36%, alongside an attractive capital value of £324 psf.