Development Securities has bought its 50:50 joint venture partner, McLaren Property's stake in the £100 million 'Circus Street' regeneration project in Brighton.

It was purchased for a total consideration of £4 million.

Resolution to grant planning consent was secured in September 2014 to transform a derelict fruit and vegetable market in a prime location in Brighton into a comprehensive mixed-use regeneration project. Circus Street will incorporate 142 residential units, 450 student beds, 38,000 sq. ft. of office space as well as a new dance studio for South East Dance and a new library and academic buildings for the University of Brighton. The project is being delivered as a public private partnership alongside the freeholders of the land, Brighton and Hove Council and the University of Brighton.

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The delivery strategy for the various elements of the scheme is now being progressed with construction anticipated to start on site later this year.

(CD/IT)