Another great deal completed today for Graham S Hall Chartered Surveyors, on a sale of the company Hillcrest Developments (North West) Ltd to Durham Businessman; Andrew Ward.
The principle asset included William Robson House, a 53 bed residential development opportunity in Durham City centre which will be worth well in excess of £5m after refurbishment / redevelopment.
William Robson House, a former print works and more recently an office block, will extend to over 16,000 sf on 4 floors with four new two bed townhouses.
The asset was sold with the benefit of planning consent for reconfiguration of the internal space, building into the roof space and a new build element in the former car park.
The various planning issues took nearly three years to resolve but should be well worth the effort of the independent planning consultants, specialist barristers and Steve Major Architects, who will be retained by Angel Developments to see this through.
This was a complicated deal as it included a sale of a long established company but great efforts by the team of Graham S Hall Chartered Surveyors and Jacksons Law Firm for the vendor, working alongside Andrew Ward and his team, to get this over the line.
We look forward to seeing this development on completion by the developer; Angel Developments, whose Managing Director; Andrew Ward said: “We are excited with this opportunity to create 53 new residential units in the heart of the City, which adds to the extensive portfolio of residential and mixed use developments we already have in the City. Rest assured we will be working vigorously over the next 18 months, with a view to bringing the development to the letting market as soon as possible"