Landmark Properties acquires Prince Bishops Place
Citrus Group and Galliard Homes’ plans for a mixed-use development in Durham have been given a boost as the largest developer of student accommodation in the US has exchanged contracts on the site.
Durham’s shopping centre redevelopment received the green light in July 2024, but changes to the original scheme – including the removal of the hotel element to be replaced with additional PBSA – mean a new application was submitted earlier this year.
Now, contracts have been exchanged with Landmark. Citrus and Galliard will continue to deliver the development once it has gone through the approval system.
The proposed scheme will include 504 purpose-built student bedrooms alongside a new link to the River Wear, modern retail and leisure uses, and pedestrian links through the site.
Lichfields and Corstorphine & Wright have supported the development, which will see the PBSA delivered alongside retail, hospitality uses, communal spaces, and enhanced views of the River Wear on the centrally located site.
The MSCP will be retained, and it is hoped the project will provide an economic boost for Prince Bishops shopping centre.
Landmark Properties was advised by Newmark while the vendors were advised by Savills and Harris & Associates.
Tristram Taylor, development manager of 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 & investment operations of Landmark Properties said: “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.”
David Hirschfield, group managing director of Galliard Homes, said: “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.”
