Richardson increase stake in Milburngate – Property Week

15th December 2017

Richardson and Arlington Real Estate have acquired Carillion’s joint venture share in the £150m Milburngate development on Durham City’s Riverside.

The deal, which is part of Carillion divesting from its commercial property development portfolio, comes as the project approaches its first stage of construction and will see the duo take full responsibility to deliver the premium development.

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 Pitcher & Piano for Milburngate, the new joint venture partners have said further occupier announcements “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.”