£120m funding for Milburngate mixed-use scheme
LaSalle Investment Management has foreard-funded the first phase of the Arlington Real Estate and the Richardson family’s Durham city centre project. The first phase is due to be completed in early 2021.
Planning permission was granted last December for 54,000 sq ft of offices and 153 build-to-rent flats. Leasing of the scheme’s leisure element is well advanced with boutique cinema chain Everyman, Marston’s restaurant brands Pitcher & Piano, Bar + Block and Miller & Carter and a 92-bed Premier Inn hotel all secured.
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. We will continue to invest in such projects and have significant funds to deploy in other assets offering long-term, inflation-linked income streams.”