Silvercoin Investments has acquired a former nightclub site in Brighton to convert it into a 133-bedroom hotel.
Silvercoin bought the site at 78 West Street, which has been mainly vacant for the last decade, for an undisclosed sum earlier this month from L&R, which secured planning consent for the redevelopment of the building into a 133-bedroom hotel in 2016.
Tunbridge Wells-based development consultants Decimus advised Silvercoin on the Brighton site, with the intention of developing the hotel during the next 18 months. Flude Commercial acted in the acquisition.
Silvercoin also received planning permission earlier this year to transform the former Tunbridge Wells County Court building in Kent, which it acquired for £2.04m, into a 110-bedroom Premier Inn hotel. It will be the group's second Premier Inn following the development of the 120-bedroom Premier Inn in Canterbury city centre, which opened in 2013, and it is believed the new hotel in Brighton may also become a Premier Inn.
Andrew Halfacree at Flude said: "This is a significant city centre site in a popular central location. The redevelopment of this site will bring a much needed enhancement of the location. In turn we will see the provision of further high quality hotel accommodation for the city and improved vibrancy to both the West Street and Middle Street frontages of this site."
Will Thomas, who heads retail and leisure agency services at Flude, added: "As well as providing high quality hotel accommodation the proposed development includes accommodation suitable for retail/restaurant use. We expect good interest from prospective occupiers for this space."
Videos from The Caterer archives