Purpose Built Student Accommodation Development Opportunity // Russell Group University City // Planning Application Submitted for 145-bed Scheme // Proposed Development of 5 Bedroom Cluster Accommodation, with 1no. 8 Bedroom Cluster Apartment, Gym, Common Room and Parking Spaces
Location - Durham is a medieval Cathedral City on the banks of the River Wear in the North East of England, located approximately 15 miles south of Newcastle upon Tyne, 100 miles South East of Edinburgh and 225 miles north of London. The city is a popular tourist destination with its Cathedral and Castle both being UNESCO World Heritage sites, and it is the county town of County Durham providing important regional transport links.
The city is served by the East Coast mainline with rail connections to Newcastle, London & Edinburgh as well as cross country services to Manchester, the midlands and the south west. The A1 motorway is located nearby for road links north and south. Durham is also a bus hub for the County, providing links to Sunderland, Teesside and the towns of the Wear Valley.
Areas of the city centre have recently undergone significant regeneration, upgrading the citys retail and hospitality offerings on the riverside with the Milburngate and Riverwalk developments, and re-siting and re-development of the HM Passport Office, a major local employer.
Situation - The subject property is located on Front Street, to the east of the city centre in an area known as Gilesgate, approximately 15 minutes walk from the College of St Hild and St Bede which services
approximately 1,000 students. The city centre and other University campuses are easily reached via S1 and other local bus service.
Dragon Lane Retail Park is located immediately to the east of the subject property, with a large Tesco Extra superstore, Iceland and Aldi supermarkets amongst other national retail operators such
as TK Maxx & The Range, with further local retail offerings located on Sunderland Road to the north.
Durham Student Market - The University is part of the prestigious Russell Group of Universities, is rated 4th in The Guardians 2021 University Guide and has 16 subjects in the World Top 100 of the QS World University Rankings by Subject 2021.
The University itself has recently gone through a period of re-investment, closing its campus in Stockton-on-Tees and relocating activities here to Durham City campus, as well as the creation of two new colleges in a multi-million-pound investment.
Whilst the University has plans to expand and grow, Durham County Council has enforced an Article 4 Directive in the city, restricting the number of Houses in Multiple Occupation (HMO) in the private sector and providing an opportunity for large-scale accommodation providers to grow their market share in the city.
Planning - Our client has submitted a planning application to Durham County Council to demolish the existing premises and erect a four storey, 145-bed Purpose Built Student Accommodation (PBSA) development. See planning reference DM/21/01611/FPA at
Tenure - Freehold.
Services - We are advised that services are available but that interested parties should make their own enquiries.
Costs - Each party is to be responsible for their own costs.
Vat - We have been advised the site is being sold exclusive of VAT
Proposal - We have been instructed to seek offers for the freehold interest in the site, subject to planning consent being granted by Durham County Council.
The site is offered for sale by private treaty; however, we reserve the right to conclude marketing by an informal tender process. Please note that our client is not obliged to accept the highest or any offer.