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£120m secured for first phase of Durham mixed-use development project
The developers of Milburngate, have secured a £120m forward-funding commitment from LaSalle Investment Management, which will enable the delivery of the first phase of the project. Detailed planning permission was
granted for Phase One of the Durham City Centre project in December 2018. This first phase covers 70 per cent of the six-acre mixed-use development. The developers are in the final stages of reviewing shortlisted construction tenders and are due to select a construction partner in the coming weeks. Completion of the first
phase is targeted for early 2021. Tenants already secured for Phase One
include boutique cinema company Everyman, restaurant brands Marston’s Pitcher & Piano, Bar + Block, Miller and Carter and a 92-bed Premier Inn hotel. Milburngate is being delivered in joint
venture by Durham-based property business Arlington Real Estate and the Richardson family, who together have already successfully delivered a number of regeneration projects across the region, including Freemans Reach in Durham City centre.
“This is one of the biggest investment
deals in the North East of England in the last 10 years. It will have a significant positive impact on Durham City and the wider region and demonstrates investor appetite for this type of project,” said Ben Holmes, on behalf of the Richardson family. “Securing this funding from LaSalle,
which will ensure the delivery of the first phase of this ambitious project, also demonstrates the confidence this respected financial institution has in the North East and the benefits of regenerating this unique part of this historic city.”
New campaign to reduce use of plastics in construction industry
A new campaign has launched to raise awareness and showcase best practice in how the construction industry can reduce, reuse and recycle plastics and packaging. The Considerate Constructors Scheme
has launched the industry-wide campaign ‘Spotlight
on...plastics and packaging’in response to the findings from its survey of over 900 people working within the UK and Irish construction industries. The survey found over 95 per cent of
respondents said the industry needs to be doing something to reduce its consumption of plastics and packaging, yet over half of respondents (51 per cent) have little understanding of the rules and regulations surrounding plastics and packaging, and only 44 per cent know how to recycle different plastic and packaging materials.
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leisuredab.co.uk The Scheme is calling on all
construction sites, companies, suppliers and clients of construction projects to drastically reduce their consumption of plastics and packaging. “As construction is the second largest
consumer of plastic in the UK, our industry has one of the greatest responsibilities to society, and to the environment, to ensure that we are working tirelessly to improve our standards in minimising waste from plastics,” says Edward Hardy, chief executive of the Considerate Constructors Scheme. The campaign aims to raise awareness
of the impact of plastics and packaging on the environment and provide the construction industry with guidance for tackling this issue.
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