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UK: Landmark Properties has exchanged contracts on the mixed-use Prince Bishops Place development in Durham, where it will partner with Citrus Group and Galliard Homes.
The scheme will provide 504 purpose-built student accommodation (PBSA) rooms alongside a new link to the River Wear, modern retail and leisure uses and pedestrian links through the site.
Landmark Properties will acquire the site and work alongside Citrus and Galliard to deliver the development once it has planning consent.
Planning permission was initially granted for Prince Bishops Place in 2024. A new planning application was submitted earlier this year, adding more student beds and design improvements to respond to Landmark Properties’ investment and brand standards.
Tristram Taylor, development manager at Landmark Properties said: “As long-term investors with vertically integrated development and property management expertise, we are excited to bring direct foreign investment to the historic city of Durham. Landmark Properties’ expertise ensures the delivery of a high-quality scheme reflecting the city’s UNESCO World Heritage City status.”
Ioannis Verdelis, managing director – development and investment operations at Landmark Properties, added: “We are building a business with a growing team and big ambitions to scale our investment in the UK’s student housing sector, and Durham is a very exciting market at a key inflection point. Our entry into this market represents a vote of confidence in the UK’s thriving higher education sector in general and in the city of Durham, more specifically. As evidenced by our activity over the past six months, Landmark is keen to invest in key strategic locations where demand outstrips supply with the goal of bringing forward high quality products that promote vibrant regeneration in underserved markets.”
James Taylor, regional director of Citrus Group, said: “We are thrilled to be exchanging contracts with Landmark Properties, who will take this long-awaited development through to delivery. Landmark, as a growing UK entrant in the student market, will bring an exciting new student offer to Durham but are also equally committed to delivering a new high street and complementary public benefits and we look forward to continuing to work alongside them on this exciting new chapter for the city.”
David Hirschfield, group managing director of Galliard Homes, added: “Partnering with leading PBSA specialist Landmark Properties on Prince Bishops Place is an exciting step forward and reflects our shared commitment to delivering a high quality, mixed-use destination for Durham City Centre. Our shared ambition is to create a first-class scheme Durham can be proud of, bringing forward excellent student accommodation alongside retail and leisure uses, set around an improved public square and pedestrian links that will serve to support the city centre for years to come.”
Landmark Properties was advised by Newmark and the vendors were advised by Savills and Harris Associates.
Highlights:
- Landmark Properties has exchanged contracts on the mixed-use Prince Bishops Place development in Durham, where it will partner with Citrus Group and Galliard Homes
- The scheme will provide 504 PBSA rooms alongside a new link to the River Wear, modern retail and leisure uses and pedestrian links through the site
- Landmark Properties will acquire the site and work alongside Citrus and Galliard to deliver the development once it has planning consent
