A shopping centre which was revamped for £85 million just five years ago is now up for sale for £80 million.

The Beacon, in the centre of Eastbourne, is home to a number of retailers including Primark, Marks And Spencer, H&M, Sports Direct, Next and Boots.

At nearly 500,000 square feet, the shopping centre generates a total gross income of £8.4 million a year.

Back in 2018, the Eastbourne Arndale Centre reopened as The Beacon, after it was refurbished to the tune of £85 million.

Now, estate agents Savills have brought the shopping centre to market on behalf of Legal And General Investment Management.

The Beacon has an annual footfall of more than 11 million.

Last September, the centre opened Foundry, a 15,000 square foot space that business owners can hire to work in.

As it has been popular, Foundry, is extending its first floor office accommodation into the ground floor and making improvements to the existing ground floor pop-up retail space.

Mark Garmon-Jones, head of shopping centre investment at Savills, said: “The sale of The Beacon provides a fantastic opportunity to acquire the freehold of Eastbourne’s primary retailing destination.

"The scheme, which has a strong and evolving tenant mix and is over 90 per cent occupied. Given its excellent credentials, we anticipate receiving considerable interest from a range of buyers.”