Investment firm snaps up delayed city riverside hub

A stalled city centre development has a new owner.

Northhold Group has bought Milburngate, in Durham City.

The investment company has pledged to bring the “landmark development to completion”, adding work to finish the site will start in the “next few months”.

Overlooking the River Wear, the 450,000sq ft Milburngate scheme includes more than 150 apartments, office space, restaurants, bars, a cinema and hotel.

But the project has suffered from delays over a number of years, not least owing to the collapse of contractor Tolent, which has left the site partially completed.

However, Manchester-based Northhold Group says it will bring the venture to fruition.

A spokesperson said: “We are excited to move forward and bring this landmark development to completion.

“Milburngate represents a significant opportunity for Durham, and we look forward to working collaboratively with all stakeholders to deliver a vibrant and successful destination for the city.”

Durham County Council bosses have cheered the deal.

Councillor Andrew Husband, leader of Durham County Council, added: “We welcome the news of the sale to a new developer; they have set out their intention to bring the site to completion and ensure it is able to fulfil its potential in this prime location.

“We look forward to the development being completed as soon as possible.”

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