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 that the 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.”