Brighton Leisure Focus 2014 Photo Attribution: Eric Hossinger i360 tower – estimated completion 2015 INTRODUCTION righton may have been trying to shrug off its an entertainment hub. The total cost is expected to be image as “London by the Sea” since receiving more than £18 million, and construction could start as B City status in 2001. However, Brighton’s proxim- early as this year should the planning application be ity to the capital is certainly of considerable benefit. successful. The City, which welcomes 8.2 million visitors a year, a In addition to the many visitor attractions, the City hosts figure which dwarfs its 300,000 population, has several major events including the Brighton Festival (the numerous attractions. These include the Royal Pavilion, largest arts festival in England), Gay Pride, the London Brighton Pier, The Lanes, North Laine, Brighton Centre, to Brighton Car Runs, and the new Brighton Marathon. Brighton Marina, Churchill Square Shopping Centre and Brighton is also the final destination of the London to Brighton Wheel. Exciting news is the i360 tower which Brighton Bike Ride (Europe’s largest charity cycling we understand will be completed in 2015. Designed by event). In September this year, the Tour of Britain cycle Marks Barfield Architects, who conceived and designed race will finish on the seafront (Sir Bradley Wiggins the London Eye at 175 metres high, and with an hopes to defend his title). observation pod rising to 141 metres, the i360 will be the highest observation tower outside of London, taller than There is no doubt that the City has a vibrant scene, the London Eye. It has also been announced that Alaska which is going from strength to strength and the leisure Development Consultants has revealed long speculated and hospitality market continues to be at the forefront of plans to transform the Hippodrome and Dukes Lane into change and innovation. 2 Fleurets www.fleurets.com HOTELS ot suprisingly for one of the UK’s premier seaside resorts, the City of Brighton & Hove N offers an eclectic mix and wealth of hotels, host- els and guest houses. The popularity of the City as a destination is demonstrated by performance results, with many businesses reporting 12 month occupancies upwards of 80%, much higher in some instances. The City’s strong performance means it is a primary target location for many operators, evidenced by recent openings such as the 140 bedroom Ibis Hotel next to Brighton’s Railway Station and the 134 bedroom Brighton Student Hotel on Western Road. In addition, brands such as IHG’s boutique offering, Indigo, are rumoured to be looking at a site in the New England Quarter and other newly emerging groups are considering sites elsewhere in the City Centre. 3 Fleurets www.fleurets.com Urban House Hotel on New Steine, a contemporary 27 bedroom spa hotel sold to overseas cash buyers off a guide price of £1.8m. he desirability of the City’s hotel sector is seen by both operators and investors, reflected by a T spree of recent transactions (right). Despite the difficult economic conditions that have prevailed during recent years, strong hotel trading performance suggests that guest demand continues to keep pace with supply, and recent transactional activity is testament to City’s appeal to operators and investors alike. 150 bedroom Travelodge investment on West Street, sold for in excess of £15m reflecting a 6.3% yield.. Brighton Hotels Performance (STR Global) Year 2011 2012 2013 Occupancy 73.2% 72.9% 75.0% ADR £75.51 £76.41 £78.18 RevPAR £55.28 £55.73 £58.65 % Change Occupancy 3.5% -0.4% 2.9% The former 51 bedroom boutique Royal York Hotel on Old Steine sold for in the region of £4.5m, purchased with proposals to ADR 4.6% 1.2% 2.3% convert into a youth hostel. RevPAR 8.2% 0.8% 5.2% . Source: STR Global Tel: +44 (0)207 9221930 e-mail: [email protected] website: www.strglobal.com The prestigious 201 bedroom Brighton Grand Hotel, has recently been sold off a guide price of £50m. 4 Fleurets www.fleurets.com B PUBS & BARS righton offers something for everyone, ranging The City offers a number of established circuits, typically from the high street branded managed house concentrated around the seafront, West Street, The B operators such as Wetherspoons, Yates, All Bar Lanes and North Laine areas, generally within the prime One, Pitcher and Piano to iconic Victorian Inns and the city centre core. Prime opportunities that do arise often rustic backstreet boozers, as well as the many quirky attract keen interest, for example, we recently sold the venues in between. leasehold interest of OhSo Social, an independently operated restaurant/bar on the beach, to another The market continues to be dominated by the Brighton operator off a guide price of £900,000. independents, which is a large part of the City’s appeal, particularly to young professionals. Brighton & Hove City However, with little or no movement in these core areas Council encourages diversity, ensuring an interesting mix operators seeking representation in the City are looking of food and drink is available for both residents and further afield in areas that in the past were considered visitors alike. less salubrious, but are now experiencing the benefits of regeneration. 5 Fleurets www.fleurets.com good example of this is the London Road area, just to the north/east of the city centre core, Alcampo Loungers - One of the most recent openings for A which has experienced a handful of new Loungers with 5 new sites opening soon in Kettering, Witney, openings and refurbishments. Loungers acquired a Torquay, Shirley and Rugby. former blockbuster unit, Meat Liquor opened its first unit outside of London, the North Laine has been reopened by local multiple, InnBrighton, after several years of closure and Indigo has undertaken a major refurbishment of the Hare & Hounds, Preston Circus. Brighton is fortunate to offer a number of home grown unbranded independent multiple leisure operators, including InnBrighton (48 sites), Indigo (18 sites) and Pleisure (8 sites), with others emerging and looking to grow. The independent beer offering is a market which is also gathering pace, with the likes of InnBrighton and Indigo Meat Liquor - An exiting new offering on London Road and their both moving into the craft beer revolution and exploring first site outside London.. micro brewing alongside companies such as Craft Beer Company, Brighton Bier Company, Liberty Beer and BrewDog either acquiring or looking to acquire premises in the City. The popularity of west Brighton/Hove is also attracting attention. Loungers acquired a second unit, a former Loch Fyne, City Pub Company has very recently acquired the Lion & Lobster on Sillwood Street for circa £4.5m and Brighton Bier Company, in a joint venture with Late Knights, have taken the Prince Arthur, just off Western Road. Basketsmakers Arms – Popular traditional back street pub. Former George Gale & Co site, now owned by Fullers. Lion and Lobster - Fleurets sold the site in 2001 off a guide price of £765,000. City Pub Co have just acquired it for £4.5 M. 6 Fleurets www.fleurets.com RESTAURANTS rom veggie treats and breakfast brunches to Another notable newcomer is Velo Café, a cycling café & fine dining and tasty value options, Brighton is repair workshop built in a new unit in The Level - a F bursting with every international cuisine. redeveloped park near the London Road regeneration area. There is a strong independent presence in Brighton, however expanding branded and corporate restaurant The city also boasts restaurants that have traded for operators are experiencing the draw of the city, many decades, such as Havana, Duke Street; Pinocchio, New identifying Brighton as a key target for expansion. A Road; Terre a Terre, East Street and Al Duomo by the good example is Meat Liquor, whose chose Brighton as Royal Pavilion, proving the longevity of trade that is the location for its first site outside of Central London. possible in Brighton. In addition are the expanding independent multiples. A Not to be overlooked is Brighton Marina. Following the good example is Ben McKellar, who has been operating assignment of the former Strada unit on the boardwalk, in and around Brighton for many years. In addition to the the first Coast to Coast is now thriving and with Nandos original Gingerman Restaurant in Norfolk Square, he has taking on a previously independent bar/club, the Marina added the Ginger Pig, Hove Street, Ginger Fox, now arguably offers the highest density of corporate Muddleswood Road and, most recently, the Ginger Dog branded restaurants in the city. in Kemp Town. Velo Café - A cycling café & repair workshop built in a new unit in The Level - a redeveloped park near the London Road regeneration area. 7 Fleurets www.fleurets.com OUR AREAS OF EXPERTISE Buying & Selling Our experienced local teams together with our extensive database of buyers give you the best chance of achieving a sale. Valuations We can help if you are purchasing a property, considering refinance or need an independent valuation for other purposes. Rating Rates can be one of the highest outgoings of a business. Fleurets expert rating team can let you know if you are paying too much. 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