A shopping centre in the heart of Brighton has been sold for £10 million in one of the city's biggest property deals.

Regent Arcade, a covered complex of 20 shops between East Street and Market Street, has been bought by Brighton-based Baron Homes from loyalty card giant GE Capital of London.

The return of the mall to the hands of a local firm, run by husband-and-wife team Richard and Nazila Blencowe, is being described as a victory for the business community.

The Sixties-built arcade once prided itself on its appearance but the veneer of refinement has faded in recent years through a combination of neglect and competition from bigger shopping centres such as Churchill Square.

Baron hopes a package of investment and improvements will trigger a revival.

Solicitor David Barling, of Dean Wilson Laing, who acted for the purchasers, said: "This is one of the biggest property deals for years in Brighton."

Baron, based in Prince's Place, is one of the biggest landlords in the city with a portfolio of homes, offices and shops.

Until now its most prominent development has been Princes House off North Street, an art deco building tastefully renovated to create flats above a restaurant.

Although a successful firm, it is relatively small compared with the London giants who would traditionally be interested in a purchase of this scale.

Regent Arcade opened in 1961 and now has 20 shops occupying 17,500sqft, as well as 28,000sqft of offices and 20 underground car parking spaces.

Tuesday February 03, 2004