NOT LONG TO GO FOR THE £30M RIVERWALK REDEVELOPMENT

Due to complete early Summer 2019, significant progress has been made at The Riverwalk in Durham, with demolition of the north half of the former Gates Shopping Centre now complete.  

Owned by a fund managed by Clearbell Capital, the £30 million redevelopment of The Riverwalk will include a variety of restaurants, 23 refurbished shops, a six-screen Odeon cinema, and improved entrances and public realm areas, helping to enhance the city’s amenities both during the day and at night-time. As part of the development, 253 student rooms will also be built.

Nick Berry, Partner at Clearbell Capital, commented: “This is an exciting time for Durham as we reach a significant milestone in the development pipeline. We look forward to completing work on site next summer to create a truly mixed-use waterfront destination that will cultivate the local economy and deliver improvements to the city’s day and night-time offering.”

The steel frame and floors to the restaurant, cinema and the student accommodation buildings are currently being installed, along with the repaving of the terraces and lower ground floor areas. The next few months will also see the installation of the steel frames and floor slabs to the shopping centre completing, along with the student accommodation element of the development at first floor level. The remaining construction work to the student accommodation building will commence, followed by the construction of the building facades and the roof.

The first restaurant at The Riverwalk, Thai River, opened its doors in late December 2016. Thai River and Odeon will be joined by Cosy Club and Turtle Bay with further announcements expected shortly.

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For further information, contact:

Sarah Walker
Redwood Consulting
0207 828 5553
sarah@redwoodconsulting.co.uk;

About The Riverwalk
The £30m redevelopment of The Riverwalk includes 35,000 sq ft of new restaurants, 23 refurbished retail units, 253 student accommodation rooms, and a six-screen Odeon cinema.

The enhanced shopping centre will improve access to the city centre by linking all retail and leisure offerings at the scheme and creating a synergy with the shopping streets around the World Heritage Site, the Market Square, and Freeman’s Quay.

The scheme will also support Durham’s economy and employment. A projected 195 construction jobs will be created throughout the construction period, as well as a further 120 jobs on completion. These jobs will be created through new retailers, restaurants and leisure providers opening at The Riverwalk.   

For further information please visit http://www.theriverwalk.co.uk/

About Clearbell Capital LLP

Clearbell Capital LLP is an independently-owned private equity real estate fund management and advisory business specialising in UK property investment, development and asset management. The firm is led by experienced real estate investment professionals with long established UK market expertise spanning multiple cycles and across various property types. The five-strong partnership comprises Manish Chande, Nick Berry, Sally Doyle-Linden, Rob Mills and Rob West.

Clearbell has capital from investors around the world including pension funds, fund of funds and high net worth investors.

Clearbell seeks to identify undervalued opportunities across a number of property sectors in the UK and to maximise returns by applying its investment and asset management expertise.

For further information please go to www.clearbell.com