Carillion sells stake in £150m Durham scheme

Aaron Morby 6 months ago
Share

Arlington Real Estate and The Richardson family have acquired Carillion’s joint venture share in the £150m Milburngate development.

Work to start early next year on first building phase

The deal comes as the crisis-hit contractor sells its commercial property assets to raise cash to pay down debt and fund work in progress.

Two months ago it sold its Ask Real Estate business for £14m, all to The Richardson family. This included Ask’s £300m planned Manchester Goods Yard scheme.

The £150m development on Durham City’s Riverside will continue to be delivered as planned as the project approaches its first stage of construction.

This will start once Thompsons of Prudhoe finishes demolition of the former Passport Office building on the site in the New Year.

The project to build 400 new riverside properties and 150,000 sq ft of office space, also featuring an Everyman Cinema was to be built be Carillion.

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.”

Mark Morgan, Head of Real Estate for the Richardsons, said: “Milburngate is an exceptional development for the North East of England and we are delighted to strengthen our role in the joint venture alongside Arlington.”

Latest news

Gary Neville £200m Manchester tower gets the final nod

39-storey Deansgate skyscraper complex will be home to a 5-star hotel, luxury flats and offices
11 hours ago

Thames Tideway TBMs placed for big drive

Tunnelling to start later this year on 12km central section - picture special
10 hours ago

Contractor fined over unsafe fleet of cherry pickers

HSE investigation finds lack of maintenance regime
4 hours ago

Network Rail bans retentions to support supply chain

CP6 overhaul sees switch to project bank accounts with Tier 1 firms told to pay in 28 days
1 day ago

ISG clinches £34m Twickenham campus scheme

Firm to deliver 160,000 sq ft teaching block for Richmond upon Thames College
11 hours ago

HB Reavis raids Argent for major Waterloo scheme boss

Joe Martin joins as UK construction director for 1m sq ft Elizabeth House job
1 day ago

Scotland to require sprinklers in all new social housing

Sprinklers to be compulsory in all social housing of over 10 people
1 day ago

Perfect Circle wins £300m Bristol Uni campus

AECOM, Gleeds and Pick Everard JV signed up for Temple Quarter Enterprise Campus
1 day ago

Single alliance plan for all smart motorways work

Highways England floats radical alliancing plan using three main contractors
1 day ago

Berkeley Group warns profits to drop 30% next year

London house builder's profit hits high water mark of £935m
1 day ago

Boost your online presence – join the new Enquirer Directory

New site for suppliers and buyers will showcase their products, services and latest stories
2 months ago

£400m north west small projects framework launched

Procure North West (Lite) framework to cover projects up to £1m and M&E work
1 day ago

More than half of construction workers in London from EU

Brexit alarm over Capital's reliance on foreign labour
1 day ago

Severfield margins restored to 8% target

Steelwork contractor's profit rises by nearly 20% to £23.5m
1 day ago

Galliford Try bags £45m Leeds Beckett sports research hub

Demolition to start next month at the Headingley campus
2 days ago

Mears to help homeless in £75m housing deal

Contractor to buy and refurb 365 homes in Waltham Forest
1 day ago

Sellafield teams cut budget overruns in half

Sellafield clean-up facing £900m overspend despite improved delivery
1 day ago

Network Rail starts race for £5bn trio of trackwork deals

The 10-year alliance deals will be let to designer/contractor JVs
2 days ago

Multiplex bags £400m New Scotland Yard redevelopment

Multiplex to start six-tower Westminster Broadway scheme in January
3 days ago

Kier defends fire safety strategy after Glasgow blaze

Contractors had agreed safeguards in place as repair estimates hit £100m
2 days ago

McCarthy & Stone boss to step down after profit warning

Retirement home builder to streamline after poor spring sales
2 days ago

Capita sells Constructionline to private equity giant

Procurement and supply chain specialist sold for £160m
2 days ago

McLaren lands new HQ for consultant Dar Group

John F Hunt to start demolition work in August to make way for new nine-storey scheme
3 days ago

Countryside strikes deal for 5,000 private rental homes

Deal with family private rental specialist allows Countryside to expand its partnerships business
2 days ago

Balfour Beatty fined £500,000 for white finger exposure

Court hears how workers were exposed to hand-arm vibration risk for nine years
3 days ago

On-site training boost to ease skills shortages

New £22m Construction Skills Fund now open for applications
3 days ago

Chandler promoted to Wates board

Wates MD, Paul Chandler, ushers in nearly £3bn of new business
3 days ago

Legal firm moves into cost consultancy

Blake Morgan hires former Aecom director to head project management and cost consultancy
3 days ago

Fire destroys Kier restoration of Glasgow School of Art

Second major blaze in four years reduces £35m of repair work to ashes
5 days ago

Race starts to build £20m Basildon cinema complex

Basildon town centre’s planned East Square cinema complex up for grabs
3 days ago

Contractor services