Karis News

Karis Developments remains committed to the King Alfred project following the decision by ING Real Estate to withdraw funding.

Karis Holdings, a joint venture between Karis Developments and ING Real Estate, has been working closely with Brighton & Hove City Council to realise the plans for a new sports facility, funded by the development on the site of two residential towers and surrounding residential blocks that gained planning consent in March 2007.

In a statement Guy Parker, Country Manager of ING Real Estate for Development UK said: “The volatility of the money markets, along with the escalating material and construction costs, and the downturn and uncertainty in the residential market, have had a major negative impact on viability of the scheme. In the current circumstances the scheme does not perform against our target criteria. It is with regret that we have decided to withdraw.”

Karis Developments now has sole control of Karis Holdings and aims to bring in another investor to take the scheme forward.

Josh Arghiros, Managing Director of Karis Developments said: “Karis Developments remains committed to the King Alfred Project. We are in negotiation with other investors and will be working with the City Council to see how the viability of the scheme can be improved.”

Karis Holdings is undertaking a thorough review of the King Alfred project to ensure that it continues to be viable in the current economic climate.  The review is expected to take another four weeks to complete and Karis remains committed to delivering an outstanding scheme for Brighton & Hove.

Plans by Karis Developments to redevelop Dresden House, a former residential care home in Albany Villas and Medina Villas have been welcomed by Brighton & Hove City Council.

Councillors unanimously backed the plans and granted planning permission for the conservation led scheme, which will restore the substantial Victorian villas to their original grandeur. A mix of beautiful homes will be created and unsympathetic extensions and alterations, including unsightly infill buildings and highly visual fire escapes will be removed improving and enhancing the character and appearance of Cliftonville Conservation Area.

A range of 32 beautiful homes will be created including four substantial family houses each occupying an entire villa together with a mix of one, two and three bedroom flats and duplex apartments.

Josh Arghiros, Managing Director of Karis Developments said:
“We are delighted that Councillors have unanimously supported our plans for Dresden House in Medina Villas and Albany Villas. These wonderful properties are in a fantastic position, in one of the most desirable areas in Hove and we are very pleased that we now have the opportunity to return these unique and very special villas to their original splendour.

Unfortunately the previous use as a care home did not respect the Victorian architecture and the properties have been neglected for far too long. The plans have been developed to restore original features and enhance the conservation area and it will be wonderful to see the villas brought back into use as beautiful homes.”

John Robinson of Karis added:
“The proposals have been widely supported by local residents and we look forward to starting work on site in the very near future.”

Councillors of all parties welcomed the plans, commenting at the committee meeting ‘that it is a great scheme’ and ‘will look glorious’.

Further Information
The proposals to change the use from vacant residential care home to form 32 self-contained residential units were approved at the Planning Applications Sub-Committee on 7 May 2008, planning application number BH2008/00210.

Dresden House closed in April 2005 (Albany Villas element) and April 2006 (Medina Villas element).

The development will create 32 homes, all will have access to private amenity space:

Albany Villas
12 private apartments
12 affordable apartments in partnership with Southern Housing Group

Medina Villas
Four family homes with private garden
Four duplex apartments with private garden

In addition to the affordable housing Karis will also be providing funding for Public Art, Education, Open Space and Highways.