Carillion sells stake in £150m Durham scheme

Aaron Morby 7 years 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
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

Bid rigging probe launched into school repair work

Firms raided this week with focus on roofing contracts
14 hours ago

Government commits to four new prisons in seven years

£2.3bn pledged for new prison build programme
13 hours ago

Go-ahead to revamp former London city hall

Project will straighten the building's leaning profile with terraces to every level
2 hours ago

Credit insurance saves Billington from ISG hit

Steel specialist puts on extra shifts at its plants to cope with demand
18 hours ago

M&E specialist Dodd doubles profit on retrofit surge

Family-owned Telford specialist delivers record revenue of nearly £250m
18 hours ago

Go-ahead for 800-home Croydon dual towers

One Lansdowne Road build to rent scheme to cost £260m to build
18 hours ago

Construction inflation set to return raising tender prices

End of 2024 to mark the bottom of present inflationary trough
18 hours ago

Start date for vast Balfour and Costain carbon capture power job

£4bn Teesside project to start construction next year creating 3,000 jobs
1 day ago

Plans go in to start revamp of North Finchley town centre

Developer Regal unveils first details of Barnet masterplan
18 hours ago

Glencar bags £18m Big Yellow London store

Six-storey stoarage centre to be built at Staples Corner
17 hours ago

Plan unveiled for 31-storey London Fenchurch Street tower

Demolition work to start in 2026 for new office tower
2 days ago

Vinci Building buys tower cranes for first time

Contractor invests in two WOLFFKRAN all-electric cranes at £138m Sheffield site
2 days ago

30 local firms land United Utilities £500m framework

Minor works deal win for North West civils and M&E specialists
2 days ago

Restructure pays off as Higgins returns to profit

Housing contractor recovers from £25.9m loss last year
2 days ago

Former Heathrow boss joins Mace in board rejig

Firm completes string NED appointments to expanded group board
3 days ago

Planning officers to get powers to bypass committee stage for housing

Rayner reform plan to cut out local council planning committees
3 days ago

National Insurance hike to delay construction recovery

Arcadis paints varied picture with full recovery delayed until 2026
3 days ago

Gratte Bros rides out cost rises with profit increase

M&E specialist warns of further upward pressure on wage costs
3 days ago

Sellar’s 36-storey London City office tower approved

Demolition work to start in 2026 at 60 Gracechurch Street site
5 days ago

Roofers caught using phone lights to work at night

Roofing boss handed suspended prison sentence for lack of edge protection
3 days ago

£380m North West housing framework out for bid

St Helens-based Torus aims to build 9,000 homes by 2029
3 days ago

Historic property magazine to close

Estates Gazette has been in business since 1858
5 days ago

M&S Marble Arch rebuild approved after three-year planning fight

Plans were delayed when Michael Gove backed carbon campaigners
6 days ago

£191m revamp funding approved for London Barbican Centre

Construction to start in 2027 on five-year programme
6 days ago

RED Construction tops £100m turnover

Builder maintains profit margin at 1.7% as business nearly doubles in size
6 days ago

Timber designs shortlisted for roads ‘footbridge of the future’

Three of five designs for National Highways propose timber structures over busy highways
6 days ago

PM pledges to fast-track 150 infrastructure schemes

Fresh promise to speed up planning decisions on infrastructure and house building
7 days ago

Amey FM firm fined after legionella kills prisoner

Court fines company £600,000 for prison upkeep failures
6 days ago

Buyers report boom in commercial work

Construction bucks slowdown in general economy
7 days ago

Plans in for £250m Stockport 8 housing-led scheme

Work to start on phase 1 by the end of next year
7 days ago

Contractor services