Planning for and obtaining the right permits and approvals, after having found and purchased a suitable asset, is a key phase in the entire (re)development project that requires robust risk analysis.
It is similar to playing chess on numerous boards, simultaneously taking care of and managing the opinions and input of many: architects, local authorities, planners, local politicians, neighboring residents and owners, retail and office tenants, as well as potential future tenants.
Sourcing and engaging the right construction partner requires local knowledge and expertise to ensure the tender process and cost envelope are competitively interrogated, with suitable contingencies for unexpected surprises. Unexpected events, such as groundworks, are often risky and can impact programs and costs at an early stage. Listed or protected buildings only compound delay issues as they involve an increased degree of scrutiny from heritage bodies or local planners.
And lastly, logistical aspects of developing in the midst of a bustling city center, like in Eindhoven, Vienna, Rouen, or Brighton, also create challenges, from site access to impact on neighboring assets requiring bespoke agreements.
For Redevco, (re)developments are always opportunities to improve existing properties, in terms of sustainable performance and making them future proof. While building regulations have been increasingly tightened in order to optimize building performance, Redevco aims to go beyond what is necessary, if financially viable.
A good example is Hanningtons Estate in Brighton, which fuses the old with the new. Redevco brings pioneering fashion, cuttingedge art, and inspiring food to the heart of Britain’s most creative city. Redevco began to work on the redevelopment of the former Hanningtons department store in Brighton in February 2017.
The 53-hectare site is being redeveloped into an exciting new retail and leisure destination and will be completed in 2018. The company acquired the majority of the area in 2015, followed by an adjacent mixed-use property at the end of last year, taking the total amount invested in Brighton to £72 million. Once home to the “Harrods of Brighton”, the site is an important landmark located amid the attractions of the Lanes, North Lane, East Street, the Cultural Quarter, as well as Brighton Beach and Pier.
Andrew Foulds, Portfolio Director at Redevco, commented: “We are creating a new Lane, a new entrance to the historic Lanes from North Street, and are redeveloping existing buildings on North Street to provide exciting new spaces for shops, restaurants, and cafes.”
For Redevco, it is rewarding to work in emerging locations and be able to contribute to developing these areas into attractive places in which people can live, work, and shop.
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