There are plans to extend Brighton’s famous shopping area with a new Lane following a £14 million investment.
European property investment giant Redevco has spent £14 million on a number of properties in East Street.
This follows their purchase of the Hanningtons Estate in 2015 and takes the total amount the company has invested in the area to £72 million.
Historically East Street has been dominated by the Hanningtons department store and the properties now find themselves under a single owner once again.
Redevco say the purchase of 38-42 East Street will allow them to create a new Lane over the next two years.
It is thought that the entrance to the new Lane could be created by demolishing the current timber framed Timpsons building at 15 North Street. It is the oldest building on the road and has been in commercial use since the 1790s
The properties currently house Sandro, Maje, Estée Lauder, Lush and Pret A Manger.
The five retail units, with office and residential units in the four upper floors, cover a total area of 1,793 sq.m. (19,305 sq. ft.).
Andrew Vaughan, CEO of Redevco said: “Redevco’s acquisition in East Street brings Brighton’s original larger Hanningtons department store back under single ownership.
“We are transforming the Hanningtons Estate, a historically important retail destination, and creating a new Brighton ‘Lane’ over the next two years.
“These investments will greatly improve the shopping experience in this area for residents and visitors to the city.”