The consortium behind the successful Freeman’s Reach development in Durham has acquired Milburngate House as part of its vision to regenerate the city’s Northern Quarter.
The group – made up of Durham-based property developer Arlington Real Estate, support services firm Carillion and Richardson Capital – said it is now formulating plans for the site at the heart of Durham City.
In the near future it will begin a consultation process with key stakeholders, while also asking and members of the public to share their ideas.
Proposals will then be formalised for the future of the site, which is currently occupied by National Savings and Investments (NS&I).
Neil McMillan, development director of Carillon Developments, said: “Securing Milburngate House is a major milestone in the regeneration of Durham City.
“The scale of this site, its riverside frontage and fantastic views up to the World Heritage site make for a truly outstanding development opportunity which will have a significant economic impact on Durham and add to the character of the city.
“We are looking forward to working with the local authority, key stakeholders and the public in Durham throughout the development of our ideas for the site.”
Allan Cook, managing director of Arlington Real Estate, said: “The new development taking place in the Northern Quarter is certainly enhancing the city of Durham, further enabling it to compete with cities such as Chester and Oxford and securing its place among the great world heritage cities in Europe.
“With the successful regeneration of Freeman’s Reach nearing completion, our team has demonstrated the high standard of development we can bring to Durham.
“At almost seven acres, the Milburngate House site represents a huge opportunity for us to bring forward something really exciting and I am confident that when our plans for the site have been finalised the results on the ground will bear this out.”