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Optivo acquires Preston Barracks residential from U+I

22.02.19

Optivo to deliver 369 new homes as part of the one of Brighton’s biggest regeneration projects.

Optivo Housing Association has acquired the residential land at Preston Barracks, on Lewes Road in Brighton, from specialist regeneration developer U+I and will be delivering 369 new homes on the site.

The Preston Barracks development is on one of three sites that forms a wider masterplan and is a partnership between U+I, Brighton & Hove City Council and University of Brighton. Together the partners are delivering one of Brighton’s biggest ever regeneration projects.

Optivo’s acquisition comprises land with consent for 369 new homes, which includes a mix of homes for sale and affordable rent. Work is expected to start on site in summer 2019.

Simon Hesketh, Director, Regeneration at U+I, said:

‘We are delighted to have secured another new partner to progress the Preston Barracks scheme. The new homes are much needed, and this transformational project is on track to create a thriving place for people to live, work and learn, bringing tangible benefits to the local community and the city as a whole’.

Neill Tickle, Land and New Business Director at Optivo, said:

“We’re passionate about delivering new homes and are delighted to have completed this deal with U+I. This is very exciting time for Brighton and we’re proud to be involved with such an ambitious masterplan that will create jobs and positively transform the area. It’s Optivo’s largest land only deal to date and we’re keen to get started on building 369 much-needed quality homes as part of a buzzing new neighbourhood.”

In addition to the 369 new homes being delivered by Optivo, Scape Student Living is also building 555 student beds, to meet a widely recognised shortfall in the city.

Construction is already underway at Preston Barracks with U+I’s first building due to complete in December 2019 providing workspace for the city’s start-ups and SMEs.

The £300m masterplan will establish the Lewes Road area as a thriving new academic and economic corridor in Brighton and deliver a vibrant and new community with the new student beds and new homes, in addition to a business school, an entrepreneurial hub, shops, cafes, roof top bar, workshops, leisure facilities, play spaces, public squares, new pedestrian bridge and a new boardwalk to the station

The investment will create over 1,500 jobs and inject more than £280 million into the local economy over the next ten years.

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