Larrik Property - Mixed-Use Development - Brighton, North Laines

Date: 04 Feb 2004

Larrik Property signs joint venture with George
Wimpey for £30 million Brighton development.

Larrik Property, part of the Oracle Group, has signed a joint venture with George Wimpey to develop, in partnership, a major part of the £30 million mixed-use regeneration scheme on Jubilee Street, North Laines, Brighton.

George Wimpey has agreed to construct three blocks comprising 58 residential units and nine retail/restaurant units totalling 18,836 sq ft (1,5740 sq m).

On completion of construction George Wimpey will take a long leasehold interest of the residential upper floors.

In addition, a block of two further A1/A3 units totally 14,862 sq ft (1,380 sq m) and two floors of offices totalling approximately 15,000 sq ft (1,393 sq m) will be developed by Larrik. Finance for the commercial element of the development has now been agreed with Ahli United Bank.

David Burke, chairman of Larrik, added “We are delighted to have reached agreement with a major housebuilder such as George Wimpey, who will bring their vast experience and build quality to the partnership.

“This has been a complex transaction, effectively combining completion of the purchase with raising speculative finance and agreeing a joint venture over a very tight timescale. Hopefully this will show the market our willingness and ability to undertake high profile mixed-use schemes.
The purchased of the site from Morley was completed for £7.25 million.

The Jubilee Street development forms part of a larger PFI scheme that will include a new town square, public library and a 94-bedroom MyHotel boutique hotel.

Blair Kirkman is the letting agents for the remaining retail and restaurant accommodation.

Jubilee Street, North Laines, Brighton

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