August 6, 2014 | Group News
An agreement has been reached between Durham University and locally-based family-owned developer The Banks Group for the University to purchase land at Mount Oswald in Durham City.
Discussions between The University and the Banks Group have been ongoing for several years over the land on the north east corner of the site, and outline planning permission has already been granted for the development of up to 1,000 student residential places.
Harry Banks, chairman and chief executive at The Banks Group, adds: “I am pleased that we have now concluded the sale of part of the Mount Oswald Estate to Durham University. This follows the recent start of the redevelopment of the Southern area with David Wilson Homes which will see 60 new homes being created very shortly.
“As an established, Durham-based, family business, we appreciate the importance of the redevelopment of the Mount Oswald site for the University, for the local economy and for the people living in and around the City.
“Throughout the planning stages of the project, we have been encouraged by the County Council’s wishes to see Durham City being developed as a driver of economic growth across the County. We believe that these developments will support those aims by providing more new family homes and by enabling the University to provide modern accommodation in very pleasant surroundings for its students, whilst at the same time easing some of the pressures on residents in the City and freeing up more homes and space for families to enjoy.”
Mount Oswald is being developed by The Banks Group to encompass executive housing, new formal and informal public open spaces and a range of new community facilities alongside the University element of the site.
Work on the first part of Mount Oswald’s development, which will see North East housebuilder David Wilson Homes build 60 detached, four and five-bedroom properties on a 12-acre portion at the southern end of the site, began in June, and progress on other parts of the project is expected to be made in the near future.
For further information on all aspects of the Mount Oswald development, please visit www.banksgroup.co.uk/mount-oswald