Brighton development to benefit from seaside and stamp duty surge

10 July 2020 | Investment

Brighton development to benefit from seaside and stamp duty surge

A new work-and-live project in Brighton is hoping to capitalise on the spike in people looking to move to coastal areas as a result of the Covid-19 lockdown.

Edward Street Quarter is a new community in east Brighton which is aiming to become the centre for creative and commercial innovation in the south coast city.

It will provide office, retail and residential space all on one site, allowing people to work, live and play in the same environment.

The project’s developers, First Base, say that its ‘spectacular’ roof terrace will prove highly attractive for those looking for sea views.

Brighton development to benefit from seaside and stamp duty surge

Providing 168 homes and jobs for over 1,500 people, Edward Street Quarter is looking to create its own footfall while also benefiting from the 3,000 employees working in the surrounding St James Street area.

The project, which is still in development, has been designed by BuckleyGrayYeoman and is inspired by ‘Brighton’s eclectic street scene’.

Following the reopening of the property market on May 13, Rightmove has reported a spike in prospective property buyers wanting to move to the coast to live and work full-time.

Local estate agent James Epps, director of Oakley Property, says people have been encouraged to live outside of London due to the ease of working from home. He adds that the recent announcement of a stamp duty holiday will make places like Brighton even more appealing to buyers.

Commercial agent Emma Ormiston, partner at Stiles Harold Williams, adds that while working from home has been a success for many people, it remains ‘impractical’ for some.

“It is important that teams can get together to collaborate and for some, working from home is impractical. So, we shouldn’t be waving goodbye to our office buildings just yet,” she says.

“With more and more people looking to relocate to the seaside, we envisage more businesses choosing Brighton as an office location, where they can access a large pool of talent and staff will be happy to be able to live and work by the sea.”

You can find out more about Edward Street Quarter here.

This post has originally been featured in Property Investor Today.