Development land and property at Shoreham, West Sussex, has been sold to global real estate investment company, Kennedy Wilson, for an undisclosed sum. The deal marks the start of a new era of stability and economic regeneration for the area.
Strategically located, just off the A27 motorway, a major transport route for the area, the acquisition includes over 27,000 sq m of income-producing, fully-let commercial space held on a mix of occupational and ground leases. Among the tenants is Brighton City Airport Ltd, along with its terminal building, hangar and airfield. There is also a development site with existing consent for 25,000 sq m of new logistics and industrial accommodation.
Albemarle Shoreham Airport Ltd had been in administration since September 2016 and the Joint Administrators, Simon Underwood and David Thurgood from Menzies LLP, have worked closely with local stakeholders to add value through regearing ground leases, gaining consent for 25,000 sq m of commercial development potential, and working with the developer of New Monks Farm and the Environment Agency to invest in local infrastructure.
Simon Underwood, Joint Administrator, Menzies LLP said: “We are pleased to have transformed the prospects of this estate and to have been able to complete the sale in difficult market conditions during the pandemic.”
Jake Harris, Head of Industrials, UK, Kennedy Wilson said: “This superbly located site is adjacent to Brighton & Hove Albion Premier League Football Club’s development, which will deliver significant infrastructure improvements, including a new roundabout and link road from the A27 that will also serve our site.
“We are looking forward to working with our new tenants, including the Airport, to improve the property and unlock its full potential as well as the prospect of facilitating a major new logistics and industrial development in a region that is acutely lacking in supply.”
The airport operations are unaffected by the transaction and will continue to be run by Brighton City Airport Ltd, the airport licensee.
Savills acted for the Administrators of Albemarle Shoreham Airport Ltd and Adynaton acted for Kennedy Wilson.