Durham Riverside Renewal

Arlington Real Estate & The Richardson family acquires Carillion share of Milburngate Joint Venture

14/12/2017

Arlington Real Estate and The Richardson family have acquired Carillion’s Joint Venture share in the Milburngate development as the project approaches its first stage of construction.

The purchase ensures thatthe development consortium of Arlington Real Estate and The Richardson family, will continue to deliver the premium £150m development on Durham City’s Riverside.

The deal, which is part of Carillion divesting from its commercial property development portfolio, ensures continuity is maintained within the Joint Venture partnership and its core development team.

With demolition of the former Passport Office building scheduled for completion in the New Year, the site will soon be prepared for the construction phase of the landmark living, working and leisure destination.

Having already secured boutique cinema operator Everyman and Marston’s Pitcher & Piano for Milburngate, the Joint Venture partners will be making further announcements on additional high-quality occupiers for the site in the coming weeks.

Allan Cook, Managing Director of Arlington Real Estate, said: “Arlington and the Richardsons have been the driving force behind the regeneration of Durham’s Riverside, which will continue with the ongoing development of Milburngate.

“This remains a once in a lifetime opportunity to breathe new life into this important part of Durham City and, as a proud North East business, we are committed to delivering a landmark development that will not only benefit Durham, but the wider North East region.”

Mark Morgan, Head of Real Estate for the Richardsons, said: “Milburngate is an exceptional development for the North East of England and we are delighted to strengthen our role in the Joint Venture alongside Arlington. Milburngate presents a fantastic opportunity for premium occupiers and businesses that will add value and benefit from being part of Durham City’s vibrant and growing community.”

ENDS

NEWS RELEASE: ISSUED ON BEHALF OF DURHAM RIVERSIDE RENEWAL

For further information contact Jamie Collis 01325 363436

Editor’s Notes:

Durham Riverside Renewal

The development consortium consists of Arlington Real Estate and Richardsons Capital LLP.

Arlington Real Estate is also delivering the flagship County Durham development, DurhamGate. Located five miles south of Durham City, DurhamGate is on the site of Black & Decker former UK headquarters and, at 60 acres, is the largest regeneration project in the North East.

The project includes the regeneration of Freemans Reach and the redevelopment of Milburngate House, which are on adjacent banks of the River Wear in the heart of Durham City.

According to the Sunday Times 2014 ‘Best Places to Live’ listing:

“Durham is a lovely place to live. Beneath its glorious cathedral, you’ll find pretty cobbled streets stuffed with little independent shops and great watering holes, a beautiful river that carves its way through dramatic walls of rock and greenery, and some attractive house stock – along with a thriving buy-to-let market, thanks to all those students. One of the nicest places to live is South Street, which looks directly onto the cathedral and castle, and which inspired Sir Walter Scott. Many of its terraced houses are grade II listed; prices range from £400,000 to more than £1m.”

About Richardsons Capital

Richardsons Capital is a private, family-owned and operated property business formed over sixty years ago and headquartered in the West Midlands. The company is primarily focused on property development and investment in the UK and overseas. Typically working in joint venture, the business has a long history of successful partnerships, having developed over 6 million sq ft of real estate across all sectors.

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A CGI of the Milburngate development
A CGI of the Milburngate development
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