Restaurant and hotel development in Durham secures £120m funding

Funding of £120m has been secured to deliver phase one of Milburngate, a new mixed use development in Durham City Centre.

LaSalle Investment Management has provided the forward-funding for the scheme, which counts restaurant brands Bar + Block, Miller and Carter and a 92-bed flagship Premier Inn hotel among the list of tenants already signed up.

Developers Arlington Real Estate and the Richardson family were granted planning permission in December 2018 for phase one, which covers 70% of the six-acre development.

Completion of the first phase is targeted for early 2021. Around 54,000 sq ft of office space and 153 apartments are also included in phase one.

Robin James, head of long income transactions at LaSalle Investment Management, said: "This mixed-use commercial and residential development will create job opportunities in Durham and is an excellent example of where our client's capital can be used to deliver major city centre regeneration schemes."

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