Durham University is to buy a parcel of land at Mount Oswald in Durham city for the development of up to 1,000 student flats.
The institution will buy the site from developer Banks Group, which has secured planning on the north-eastern corner of the site for the project.
Elsewhere on the southern side of the site, Banks is in partnership with David Wilson Homes to build 60 detached dwellings.
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.
Banks chief executive Harry Banks said: “I am pleased that we have now concluded the sale of part of the Mount Oswald Estate to Durham University. 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.”
GVA advised.
chris.berkin@estatesgazette.com
