The scheme to develop this large site in Durham is underwritten by an income strip with Durham County Council, who have entered into a 35-year lease of the site. Cumming Group, under the name of MHBC Cumming, provided the fund with all necessary construction technical due diligence to secure the development funding agreement, the total amount of which is approximately £120 million. We are also providing ongoing monitoring, which involves the sign-off of monthly drawdowns.

The development, which will be delivered in stages over the spring and summer of 2022, will provide a new 94-room hotel (pre-let to Premier Inn); 153 apartments in three blocks comprising a mixture of one-, two-, and three-bedroom units; a number of two-bedroom duplex units; 60,000 square feet of riverside retail and leisure facilities (including a boutique cinema); and 55,000 square feet of offices. The development includes three acres of new public realm, 200 metres of riverside walk and undercroft parking for 350 cars.