Business
Planning approval-new hostel in heart of Brighton
Planning approval-new hostel in heart of Brighton.
About this update from Safestay Plc
[{"type":"text","content":"\n\nSafestay PLC\n(\"Safestay\", the \"Company\" or the \"Group\")\nPlanning approval granted for major new hostel in the heart of Brighton\nOne of Europe's largest hostel groups to develop a 170-bed hostel opposite the Royal Pavilion\nSafestay PLC (AIM: SSTY), one of Europe's largest hostel groups, is pleased to announce that it has received planning approval to develop a new 170-bed hostel in the heart of Brighton. The planning approval follows the Group's acquisition in June 2024 of the freehold property on Pavilion Parade for a total consideration of £2.275 million.\nSet over five storeys, the building is an attractive Grade II listed, Regency-style end of terrace property spanning 15,300 sq ft. It is ideally situated in the centre of Brighton, just 600 metres from the Brighton seafront and opposite the Royal Pavilion, a former regency palace and one of Brighton's most popular tourist destinations. It is also within close range of The Lanes, the city's vibrant shopping and leisure district.\nSafestay will invest approximately £1.0 million in the conversion of the property, with the hostel anticipated to open in early 2026.\nA popular tourist destination, Brighton is an easy journey from London and attracts over 11 million visitors per year1, providing an excellent opportunity for Safestay to cater to a broad range of customers with its premium hostel offer.\nLarry Lipman, Chairman of Safestay, said, \"We're delighted to have obtained planning approval to convert our Brighton location into a 170-bed hostel. Once operational, the site will create approximately 20 new jobs in the area as well as making a significant contribution to the local economy by enabling potentially thousands more visitors a week to stay in one of Brighton's most vibrant and commercial areas.\nBrighton is an amazing city, attracting millions of visitors throughout the year, making it a perfect fit for Safestay's strategy of building its portfolio offering fantastic, highly affordable accommodation in premium locations across some of Europe's most vibrant travel locations.\nWe have a proven track record of acquiring and developing hostels across Europe to create value. Our Edinburgh Cowgate hostel which opened in 2024 following refurbishment has performed incredibly well, proving hugely popular with visitors to the city looking for safe, welcoming, a...