The Homes and Communities Agency (HCA), Durham County Council and a development consortium led by Carillion Developments, Arlington Real Estate and Richardsons Capital LLP have entered into a development agreement to invest £27 million into a scheme that will breathe new life into a derelict site in the heart of Durham City, which will secure up to 1,200 jobs as well as regenerate the historic riverside site.

Neil Graham (HCA), Helen Hawkley (National Savings and Investments), Neil McMillan (Carillion), Cllr Neil Foster (Durham County Council) & Allan Cook (Arlington Real Estate) outside the disused ice rink

The 0.77ha Freeman’s Reach scheme on the east bank of the river Wear will replace the disused ice rink that was bought by the Regional Development Agency and is now owned by the HCA. Following community consultation, a detailed planning application will be submitted to the Council in the autumn.

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Commenting on the appointment of the developer, Neil Graham, head of the North East Economic Assets Team for the HCA, said: "It is great news that a major developer such as Carillion wishes to invest £27m in the centre of Durham, to transform this eyesore and provide much needed office space on this derelict site.

"This is the first of the former RDA assets in the North East that we have been able to deliver in partnership with the local authority to not only safeguard 1,000 jobs but also secure significant investment in our region."

The scheme that will be completed by August 2015 and will provide Grade A BREEAM excellent office space offices for over 1,000 local workers, complemented by high quality food and drink outlets to complement that currently in the adjacent Walkergate development.

Neil McMillan, Director of Carillion Developments, said: "We understand the importance of this site to Durham City and we are honoured to be part of its regeneration. This ambitious scheme shows what can be delivered through partnership working."

(CD/GK)