Standard Life Investments (one of the largest property fund managers in Europe with £12bn of assets) and Brighton & Hove City Council have confirmed the official start of the procurement of their proposed mixed use development involving the Brighton Centre, the Kingswest Suite and Churchill Square shopping centre.
After signing Heads of Terms on Christmas Eve, they are seeking expressions of interest from property design, architectural and engineering teams through the open European Procurement Procedures to work on the scheme’s development.
The proposals include a significant expansion of Churchill Square Shopping Centre, owned by Standard Life Investments and the development of a new, world-class convention centre and a high quality hotel and other leisure facilities on the site of the Kingswest Suite.
Standard Life Investments is initially seeking to appoint consultants to work on detailed feasibility studies and expects these to be concluded by the end of 2009. Following the studies, it is envisaged that the parties will progress with detailed design work and the development of a formal planning application for the site.
Daniel McHugh, Investment Director at Standard Life Investments, said: “We look forward to working on the proposals which have the potential to deliver a unique development of exceptional quality, transforming this area of Brighton.”
Cllr Mary Mears, Leader of Brighton & Hove City Council, said: “This development will put Brighton back at the forefront of the international conventions market and secure thousands of jobs. That’s welcome news at this difficult time. Securing such a big investor as Standard Life Investments is a tremendous vote of confidence in the city’s economy and future.
“We want a beautifully-designed landmark building which performs to the highest environmental and technical specifications. The overall development will radically improve the facilities and appearance of one the most important places in the entire city, creating a beautiful new focal point on the seafront.”
Cllr Gill Mitchell, leader of the Labour Group on the Council, said: "The city's Labour MPs are in regular talks with ministers to stress the importance of the Brighton Centre to the city's economy ahead of any resubmission by the council on proposals to close the funding gap, and we would urge that the resubmission is made with all due speed.
"It is vital that this engine of the city's economy is modernised to secure future jobs and attract more visitors."
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