Member Article

U+I to proceed with £130m Circus Street scheme in Brighton after securing funding

Developers U and I Group are to proceed with a £130m mixed use scheme in Brighton after securing forward funding for the site from GCP Student Living.

The London-headquartered property firm has sealed £70m for development which will see a derelict municipal market redeveloped into a 142-home site that includes 450 student bedrooms and 30,000 sq ft of office space.

Developed in partnership with student accommodation REIT GCP Student Living, Gravis Capital Management and Brighton and Hove City Council, the firm envisions the site becoming a centre of innovation and a ‘powerhouse for regeneration’ in Brighton’s city centre.

Construction on the site has already begun with the lion’s share of the development set to be completed by 2019.

Richard Upton, Deputy Chief Executive of U+I commented: “Securing funding for the Circus Street project is a key milestone and enables construction to begin.

“The development shows how we can create value through our proven planning and regeneration expertise, whilst also delivering significant cultural and socio-economic benefits to the local community.

“Large scale mixed-use Public Private Partnerships (“PPP”) are a core aspect of our strategy, enabling us to build a pipeline of regeneration projects that deliver returns in a capital efficient manner.”