Contractor’s development arm sells 50% stake in Dev Secs scheme
McLaren’s development arm has sold its 50% stake in the £100m Circus Street mixed-used project in Brighton for £4m to its former joint venture partner Development Securities.
The scheme, which won planning in September 2014, will deliver 142 residential units, 450 student beds, 38,000 sq ft of office space, a dance studio and library and academic buildings for the University of Brighton.
Development Securities said it was working out its delivery strategy for the various elements of the scheme and construction was expected to start on site later this year.
Matthew Weiner, executive director at Dev Secs, said: “Circus Street will create an exciting new quarter within Brighton, offering first class facilities for the University and for South East dance within a vibrant new mixed-use community.
“Originally one of the projects within Cathedral Group’s portfolio, Circus Street perfectly complements our activities and builds on our experience in mixed-use regeneration in Greater London and the South East. We look forward to delivering the project alongside the Council and the University of Brighton.”