PARQ is a prestigious development of 31 apartments converted in 2016 from an office block and positioned opposite to Preston Park, Brighton’s largest park. With its scenic beauty and leafy surroundings, Preston Park has been awarded a Green Flag Award for its well-managed grounds and facilities which include several football pitches, tennis courts, walled rose gardens, a rockery, cycle velodrome and several cafés.
The property is minutes away from local coffee shops, restaurants and GP surgeries. It offers good transport links being within easy reach of Preston Park Station (0.7 miles) and Brighton Mainline Railway Station (0.8 miles), the A23/A27 road networks and a variety of bus services extend across Brighton & Hove.
PARQ provides the perfect balance between modern living, green, sun and sea.
History of PARQ
PARQ comprises a block of 31 apartments converted from an Office building which was originally constructed in the mid 1960s. It, along with the other blocks of flats and Office buildings on the west side of Preston Park, replaced a number of private houses that dated from an earlier part of the 20th century. Here is the picture taken in 1959 of the houses which stood on our plot.
157-159 Preston Road was built as an office block in the 1960’s offering 2,300 sq m. of office space arranged over 5 floors. For many years the building was occupied as the Brighton headquarters of Aviva Insurance Company but around the year 2000 they started moving out of the building until they finally left in 2010.
As soon as the building became vacant an extensive office refurbishment program commenced. However, despite an intensive marketing campaign to let the offices no tenants could be found and there was a realisation that the demand for office space in Brighton since the 2008 downturn had dried up.
In 2012 the decision was made to convert the property into residential flats and PARQ was emerged with occupation starting in 2016.
Externally there are lawns and flower beds at the front of the block, with allocated parking on the blockwork surrounding the building.
Following an offer of first refusal from the freeholder in 2019 PARQ Brighton Ltd was incorporated in order to purchase the freehold of PARQ. This was funded by the purchase of shares from majority leaseholders and a loan for the outstanding shortfall. On becoming the owner of the block, PARQ became responsible for ensuring that the Landlord’s obligations under the Lease are carried out. At the same time that leaseholders became shareholders their ground rent was effectively reduced to zero and their leases were extended from 150 to 999 years.
Following the initial purchase, there is still an opportunity for further remaining leaseholders to purchase their share and become shareholders in the future if they wish.