Durham Riverside Renewal
Tolent named as contractor for Milburngate construction
The Arlington Richardson Development Partnership has selected Tolent as its contractor for the construction of Phase One Milburngate in Durham City.
The North East-based national contractor will begin construction in the coming weeks following the completion of the final site enabling works, which have been ongoing since January.
The contract includes the construction of 70 percent of the entire Milburngate development, which makes up Phase One of the project on the six-acre riverside site.
This announcement follows the project securing a £120 million forward-funding commitment from LaSalle Investment Management, which is enabling the delivery of the first phase.
Within Phase One will be premises for a number of nationally-recognised leisure operators including boutique cinema company Everyman, restaurant brands Marston’s Pitcher & Piano, Bar + Block, Miller and Carter and a 92-bed flagship Premier Inn hotel.
Tolent will also build 5,000 square metres of speculative offices, creating capacity for more than 400 new jobs, as well as 153 built-to-rent apartments.
This major regeneration scheme in the heart of Durham City is the latest regionally-significant project Tolent has been involved with. Its resumé includes Newcastle City Library, Sunderland’s Beacon of Light and the UK headquarters of global financial services technology company Sage in Gosforth, near Newcastle.
The business has a strong track record in the North East and, having secured more than £120 million of work in the region in the last 12 months, it is ranked in the top five of contractors in the area.
Tolent is currently on-site at two other major developments in the North East, Hadrian’s Tower, soon to be Newcastle’s tallest building, and the extensive Vaux development in Sunderland.
Milburngate is being delivered in 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.
Ian Beaumont, Project Director for Milburngate, said: “Tolent shares our enthusiasm for Durham City and our commitment to delivering a regionally-significant development.
“We undertook a very detailed and comprehensive selection process to ensure we have a contractor that is able to transform this unique riverside location into the vision we have for Milburngate. We are very pleased to have chosen Tolent and look forward to working closely with them as they begin construction in the next few weeks.”
Andy McLeod, CEO for Tolent, said: “This project is one of the most significant wins in the history of our business, and is testament to the skills, expertise and growth of our team not only in the region, but across the UK.
“It’s always a privilege to be involved in such transformational projects, and the vision for Milburngate is one we’re committed to delivering for our client, and for the community within Durham City.”
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For further information contact Jamie Collis 01325 363436
Durham Riverside Renewal
The development consortium consists of Arlington Real Estate and the Richardson family.
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 Arlington Real Estate
Arlington Real Estate is also delivering another flagship County Durham development, DurhamGate. Located five miles south of Durham City, DurhamGate is on the site of Black & Decker’s former UK headquarters and, at almost 100 acres, it is among the largest regeneration projects in the North East of England
About the Richardson family
The Richardson family is a private, family-owned and operated property business with over half a century of real estate experience 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. More recently the family has continued to diversify by building an international growth capital portfolio across a range of sectors through a direct and co-investment programme.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers with approximately US$65 billion of private and public equity and private debt investments under management (as of Q3 2018). LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Inc. (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
Tolent was formed in Tyneside in 1983. Since then we have amassed a huge variety of projects encompassing all types of building and civil engineering work in the public and private sectors.
One of Tolent’s greatest strengths is its versatility which enables us to deliver efficiency and excellence in projects of all sizes, whether they’re repair works valued at £5,000 or a £100 million contract for a flagship development.back to Durham Riverside Renewal