Standard Life buys Brighton car park
Published: 25 February, 2015
Standard Life Investments UK Shopping Centre Trust has acquired the long-lease interest in Russell Road Car Park, Brighton from CP Holdings, for £13.32m.
The 536-space car park is adjacent to Churchill Square shopping centre, owned by the Trust, and will provide strong opportunity for future asset management and income growth.
The car park is currently let to the UK’s largest private car park operator, NCP, on a lease with 22 years unexpired, and offers visitors and shoppers to Brighton easy access to Churchill Square and the Lanes area.
Ed Jenkins, head of UK retail for Standard Life Investments, said: “On investment and strategic grounds, this is a great acquisition for the Trust. Based in the heart of Brighton and next door to Churchill Square, it is a secure investment opportunity with the potential to add further value through asset management in the future.”
Town Centre Parking represented Standard Life Investments.