Ikea buys Brighton’s Churchill Square for £145m
Ikea’s parent company has bought Brighton’s Churchill Square shopping centre for an estimated £145m.
Ingka Centres plans to develop an Ikea City store on the site of the former Debenhams, located on Brighton’s main shopping street and within easy reach of the rail station and the seafront.
It will be its third City store in the UK, following IKEA Hammersmith, which opened last year and IKEA Oxford Street, which is now expected to open next year.
Ikea’s parent company has bought Brighton’s Churchill Square shopping centre for an estimated £145m.
Ingka Centres plans to develop an Ikea City store on the site of the former Debenhams, located on Brighton’s main shopping street and within easy reach of the rail station and the seafront.
It will be its third City store in the UK, following IKEA Hammersmith, which opened last year and IKEA Oxford Street, which is now expected to open next year.
It is also Ingka’s second UK shopping mall, after it bought bought Kings Mall in Hammersmith, W6, three years, again opening an Ikea in the former Debenhams.
About a third of the retail space at Churchill Square is currently vacant, but Ingka noted the “quality mix of flagship retail and dining options” including Inditex, Apple, Next, H&M, Urban Outfitters and Levi’s, alongside a food court with McDonald’s, Krispy Kreme and Ed’s Easy Diner.
As part of the deal, Ingka Centres has also acquired Chartwell Court, a residential tower block on the site, two attached car parks and a leasehold on a third car park.
Ingka Centres’ MD Cindy Andersen said: “Brighton is known as a welcoming and progressive city, so it is a real privilege to take up responsibility for delivering a revitalised meeting place of which the many people can be truly proud. We are excited to strengthen our portfolio with a well-established shopping destination in the heart of the vibrant and growing city of Brighton and Hove. It fits perfectly into our global expansion strategy, allowing us to transform a traditional retail space to a meeting place that is much more than just a place to shop.”
The new Ikea store is expected to open within two years. Ingka Centres plans to adapt Churchill Square’s retail offer to better meet community needs. Future investments will include improvements to energy efficiency to bring the asset up to BREEAM excellent standards.
Andersen said: “We’ve proven in Hammersmith that traditional shopping centres have a strong future when they are adapted and constantly evolving to match the real needs of local communities.
Churchill Square owner Abrdn had hoped to sell the centre for £250m when it was put on the market last year.
