Angle Property has bought a 12,350 sq ft Luminar Liquid and Envy Nightclub venue in Redhill, Surrey for £1.355m.
The large imposing former cinema building sits on a 0.6 acre (0.24 hectare) site opposite the Station and shopping centre in the town centre. Luminar was advised by Gerald Eve.
Mayfair and Buckinghamshire-based Angle Property was founded earlier this year by Tony Williamson and James Good and is backed by Palmer Capital. It mainly focuses on development and investment activity in London and the South East in all sectors.
The acquisition by Angle has been funded in partnership with Palmer Capital through the PCDF II Fund and is the second successful Angle Property acquisition funded by Palmer Capital inside three months, following on from the 8- acre mixed-use site at the Gatehouse Quarter in Aylesbury.
Tony Williamson said: “We are delighted to have completed this purchase from Luminar, in partnership with Palmer Capital, which has been a very smooth transaction from beginning to end. Our plans are to bring forward a high quality mixed-used retail and residential development, potentially behind the retained 1930’s art-deco façade. This is a fantastic opportunity to create a really striking development and we have already had very positive discussions with the local planners.”
Gerald Eve partner Chris Ford said: “After an intensive marketing campaign we received a very high level of interest in this prominent Redhill site and following a round of competitive bidding we were very pleased to have secured this deal with Angle Property”.
Lambert Smith Hampton advised Angle Property.