Latest news from BusinessLive's Commercial Property newsletter
| | | | | £16m Freight Island rooftop music, food and entertainment destination planned for Newcastle | | | | | | Two significant property announcements were made in the North East this week, both of which have the power to radically transform city centres.
In Newcastle, leisure brand Freight Island announced plans to create a huge entertainment and dining destination, inspired by the likes of Coney Island in New York and Tivoli Gardens in Copenhagen.
The development, representing a collective £16m investment from all the parties involved, will create hundreds of jobs when it opens at Eldon Square this autumn, taking over the former Debenhams unit in Eldon Square, as well as a rooftop area, creating what will become the largest single-site food, drink and entertainment venue in a UK city centre.
The venue will include a vibrant mix of family-friendly events, global street food during the day to DJ sets and live performances at night.
Dan Morris, co-founder and managing director of Freight Island, which launched a successful site in Manchester five years ago, said: "Newcastle is the perfect location to take Freight Island to the next level. The city is growing rapidly, and Freight Island will play an important part in that by nurturing local talent, whilst bringing our vibrant mix of food, drink, music, and entertainment to this incredible city." Read more | | | |  |
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| | | | | £150m Durham scheme in Durham could be bought by council to break stalemate | | | | | | Meanwhile in Durham, hopes are high that a long-running stalemate over a key, £150m city centre development, could come to an end.
Durham County Council is considering a deal to take over the Milburngate scheme, a development which was heralded as a vital project to create a vibrant place to live, work and relax when it was first unveiled nine years, with plans for office space, housing, bars and restaurants, a cinema and a hotel.
The scheme hit the buffers in 2023 when main contractor Tolent collapsed into administration. Since then, issues relating to fire safety and other matters have stopped the scheme from being completed.
Now, however, Durham County Council has given hope that Milburngate can finally be completed, and will tell councillors next week that the purchase of the site from Arlington could bring significant economic benefit to the city.
Members of Durham County Council's cabinet will be asked for agreement to proceed with negotiations to buy the freehold on the Milburngate site, saying it proves key to the council's plans for the creation of an Innovation District, which would include the Aykley Heads site, Durham University's Business School and Data Centre and the refurbished Durham Light Infantry Museum and Art Gallery.
Coun Elizabeth Scott, cabinet member for economy and partnerships, said: "It's strategically advantageous location, on the waterside in Durham, makes it an attraction proposition for businesses, from retail and leisure providers to those looking for office space." Read more | | | | | |
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| | | | | Property news from the wider Reach network | | | | | | | |
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