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News - February/March 2019
£120m secured for first phase of Durham development
The developers of Milburngate have secured a £120m forward-funding commitment from LaSalle Investment Management, which will enable the delivery of the first phase of the project.
Detailed planning permission was granted for Phase One of the Durham City Centre project in December 2018. This first phase covers 70 per cent of the six-acre mixed-use development. The developers are in the final stages of reviewing shortlisted construction tenders and are due to select a construction partner in the coming weeks. Completion of the first phase is targeted for early 2021.
Tenants already secured for Phase One include boutique cinema company Everyman, restaurant brands Marston’s Pitcher & Piano, Bar + Block, Miller and Carter and a 92-bed Premier Inn hotel.
Milburngate is being delivered in a joint venture by Durham-based property business Arlington Real Estate and the Richardson family, who together have already successfully delivered a number of strategically-important regeneration projects across the region, including Freemans Reach in Durham City centre.
“This is one of the biggest investment deals in the North East of England in the last 10 years. It will have a significant positive impact on Durham City and the wider region and demonstrates investor appetite for this type of project,” said Ben Holmes, on behalf of the Richardson family.
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