Partner Article

Major Durham City re-development opportunity for sale

A major re-development site within the centre of Durham City is to be marketed by the Newcastle office of Knight Frank which will seek unconditional offers for the Grade II Listed former Three Tuns Hotel, New Elvet, and adjoining retail properties.

Matthew Wright, Estates Surveyor, Durham University says the development of the University’s estate is a priority and that disposal of the Three Tuns will allow investment to be targeted at strategically important sites elsewhere in and around the city.

Mr. Wright adds: “The sale of the property, which the University has used to house Post Graduate Students since its acquisition in 2012, offers the potential for a range of uses which might include reverting to a hotel along with new commercial and retail opportunities.

James Platts, partner, Knight Frank and development adviser to the University, says a sympathetic development could radically improve a central part of the city. “There has been significant development at the heart of the city such as Prince Bishops and the theatre area, there are large scale redevelopments planned for Milburngate and The Gates on the western side of the city.

“Now with Hotel Indigo planning to open in nearby Old Elvet and the Three Tuns site on New Elvet there is an opportunity to improve the city fabric balancing the elements across the city centre.”

Ends

This was posted in Bdaily's Members' News section by Knight Frank .