The deal sees Landmark partner with Citrus Group and Galliard Homes to acquire and redevelop the city centre shopping site, subject to fresh planning approval.

A revised application lodged earlier this year lifts the student element to 504 beds and updates the design, building on consent first secured in 2024.

Plans will transform the dated retail centre into a mixed-use destination with new shops, leisure units and improved pedestrian routes, alongside a new link down to the River Wear.

The existing multi-storey car park will be retained as part of the scheme.

The move marks Landmark’s third UK project as it ramps up expansion in the student housing sector, targeting four to six schemes a year.

The firm entered the UK market in 2024 and has already secured planning for a separate 504-bed student scheme at Suffolk Street in London.

Durham is being targeted as a supply-constrained student market, with Landmark aiming to bring forward a higher-spec product alongside wider city centre regeneration benefits.

Tristram Taylor, development manager at Landmark Properties, said the deal would bring “high-quality” investment into the historic city.

Galliard group managing director David Hirschfield added the partnership aimed to create a “first-class scheme” combining student accommodation with a revitalised public and retail offer.