Contracts exchanged for Durham riverside regeneration
The developers of Milburngate in Durham City have exchanged contracts for building a new cinema that will form a significant element of its major riverside regeneration scheme.
The development consortium includes Carillion, Arlington Real Estate and Richardsons Capital LLP that will pave the way for economic growth and boost the construction trades.
They are in advanced discussions with a number of premium restaurant and bar operators, who like Everyman are keen to secure space within high-quality schemes such as Milburngate.
Neil McMillan, development director at Carillion, said: “This agreement confirms our vision for Milburngate meets the aspirations of premium leisure operators. Everyman Cinema’s high-quality boutique offering will attract visitors to Durham from across the North East and enhance the city’s position as a key destination in the region.”
Alongside the leisure offering will be 400 high-specification apartments, the majority of which will be available for long-term rental with the remainder available for private sale thereafter.
Milburngate will be complemented by up to 150,000 sq. ft. of high-quality office space, incorporating sustainable and energy efficient design in keeping with its sister development at Freemans Reach.
Allan Cook, managing director of Arlington Real Estate, said: “Durham City is undoubtedly a jewel in the North East crown and Milburngate will further reinforce its position as a premier destination.
“As a County Durham-based developer we are committed to driving regeneration in our region. Milburngate is one of a number of large-scale projects we are delivering through our successful joint venture with Carillon, which includes sister development Freemans Reach and the 60-acre mixed use scheme, DurhamGate.”