The four-storey building, south of the Gloucester Road intersection, offers 16,555 sq ft of grade A office and retail space in the heart of the city’s central business district. Current tenants include communications company 15 Below Ltd, Reason Global Insurance and Sainsbury’s Supermarkets.
The acquisition, handled by Global real estate adviser Knight Frank, is part of the city’s strategic investment programme and reflects a 5% net initial yield.
Councillor Daniel Yates, lead member for finance and resources, said: “Lyndean House provides much sought-after stable income, allowing the council to continue to bolster our strategic investment within the city and in turn, be able to continue to provide key services needed to promote Brighton & Hove as a thriving place to live and work.”
Alasdair Collins, associate at Knight Frank, said: “We are delighted to have acquired this prime retail and office investment on behalf of Brighton & Hove City Council. The city’s healthy demographic drivers underpinning wealth creation and strong occupier demand ensure that it remains a key target for domestic institutional investors.”
Last year the council acquired Phoenix House on West Street, Brighton.