Terrace Hill, a leading UK property development and investment group, announces that it has signed an agreement with Darlington Borough Council to redevelop a 1.9 acre former bus station in Feethams, Darlington, into a new state-of-the-art leisure complex with a development value of around £30 million (approx. 37.4 million).
The 140,000 ft² (approx. 13,006 m²) Feethams leisure scheme will be anchored by a nine screen multiplex cinema and include an 80-bedroom hotel, as well as a number of restaurants, bars and shops. A planning application will be submitted early in the New Year and it is anticipated that the scheme will be completed and operational by December 2014.
Terrace Hill is in advanced discussions with VUE Entertainment for the cinema element of the scheme and with Whitbread for the 80-bedroom hotel and family restaurant. Terrace Hill has also received strong interest from a number of national, as well as independent restaurant/leisure operators with regard to the remaining space.
Philip Leech, Chief Executive of Terrace Hill, commented: "Having made the strategic decision to increase Terrace Hill's focus on development, thereby better utilising our core expertise, we are very pleased to have been appointed by Darlington Borough Council to develop this important new scheme.
"The appointment is not only an endorsement of our development expertise and of our ability to attract first class leisure operators and retailers, but also underlines the importance of having a strong network of local offices that can access and win this type of opportunity."
Source: FTI Consulting