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Landmark development in UK seaside town attracts Middle Eastern investors

A landmark new development on the south coast of England has been proving popular with GCC investors who are looking outside of London, attracted by strong rental yields and capital growth potential.

ROX Brighton is a new development on the site of the former Astoria cinema, which will become a residential-led, mixed-use building in the heart of Brighton. Developed by Ktesius Projects in partnership with Cogress, ROX Brighton is replacing the former building – which has been vacant for the past 20 years – with a high-quality new development comprising 70 beautifully designed private apartments. In addition, there will also be a gym/yoga room, TV room, and cycle spaces, as well as flexible commercial space at ground level that will help to revitalize the historic street.

Designed by the renowned Cove Burgess Architects, the development is due for completion in late 2019/early 2020 but early off-plan sales have been positive, with a number of units going to Middle Eastern and Asian investors. These buyers are increasingly widening their property investment searches, considering new opportunities outside of the capital that are still within commuting distance of London.

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The seaside city of Brighton is one of the UK’s most vibrant and sought after areas, located just under one hour from London Bridge by train and offering a unique mixture of arts, culture, shopping, fine dining, and leisure, providing residents with an outstanding quality of life. It is home to two universities – with over 30,000 students – as well as a buoyant local economy driven by the creative and tech sectors, with millions of pounds earmarked for future investment. The city also attracts a significant number of London commuters who want to escape the hustle and bustle of the capital during the evenings and weekends.

As a result of these factors, demand for property remains high across both sales and lettings, with limited new stock being developed, making it a prudent investment choice for the future. Rental yields of 4.5% upwards are among some of the best in the UK, while prices continue to grow steadily.

Situated opposite a conservation area, ROX Brighton enjoys a prominent location within walking distance of all that Brighton has to offer, including the Royal Pavilion, seafront and pier, as well as the popular North Laine – a unique street lined with boutiques, cafes and bars. The train station is also just a seven-minute walk away.

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Ken MacRae, CEO, Ktesius Projects, comments: “Brighton has a timeless appeal for those looking to enjoy a great quality of life, resulting in high levels of demand for property, from young professionals to downsizers and everyone in between. Due to this, it presents a strong investment case for the future, with ROX Brighton set to deliver an outstanding new scheme that plays its part in the wider growth of the area.”

Despite the uncertainty surrounding Brexit and the deal that will be struck between Westminster and Brussels, UK property still remains highly attractive for investors. A recent report by Select Property Group revealed that 77% of GCC investors regarded UK property as one of the best markets in the world.

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“Prime central London property has always held great appeal for investors,” says Tal Orly, international realty law expert, and CEO of property investment firm Cogress. “More recently, we’ve seen investors paying closer attention to cities outside of the capital, many of which are set to benefit from the completion of infrastructure developments, such as Crossrail and HS2.”

The early success of ROX Brighton is perhaps one of the best examples of the enduring strength of the UK property market and highlights why many GCC investors continue to regard this asset so favorably. For those willing to consider opportunities outside of London, developments like ROX  Brighton have the potential to deliver consistent and strong returns, even against the backdrop of Brexit.

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             Select Property Group, 2018.

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