Travers Smith advises Clearbell on its student accommodation scheme at the Riverwalk Durham.
Travers Smith LLP has advised Clearbell Capital LLP on the forward fund by Curlew Student Trust of the student accommodation element of the redevelopment of The Riverwalk Shopping Centre, Durham. The £28.2 million deal will see Curlew Student Trust own the 253 student accommodation units to be built as part of the £30 million redevelopment.
Travers Smith acted on the acquisition of The Riverwalk (then known as The Gates) for Clearbell in July 2014. The scheme achieved planning consent in October 2015, including consent for 35,000 sq. ft. of new restaurants, 23 refurbished retail units and enhanced entrances and public realm. It will be anchored by a 20,000 sq. ft., six-screen Odeon cinema, which is the largest in the area. Travers also acted on the Odeon pre-let and continues to act on new restaurant and retail lettings.
The student element is due to complete in the summer of 2018, ready for occupation in September 2018.
The Travers Smith team was led by real estate partner Julian Bass with support from real estate senior counsel Emma Pereira.