A fund managed by Clearbell Capital, has announced that it has secured ODEON Cinemas (Odeon) to anchor the ‘The Gates’ shopping centre scheme in Durham, which is set to undergo a £30 million redevelopment following approval of planning permission last year. The news coincides with the rebrand of The Gates to ‘The Riverwalk’ which reflects the vision of transforming Durham’s leisure offering and revitalising the shopping centre.
Odeon has agreed to take 20,000 sq ft on a 20 year lease. The cinema will include six screens and sit as part of a new riverside promenade. As part of the development, the fund will also refurbish 23 retail units, create 35,000 sq ft of restaurant space and 253 student accommodation units, as well as create enhanced entrances and public realm. Working alongside retail specialists, The Other Retail Group, it has been confirmed there is already strong interest in The Riverwalk from leading restaurant operators.
Manish Chande, Senior Partner at Clearbell, said: “We are delighted to welcome the Odeon to The Riverwalk and to announce our rebrand, which is fundamental in delivering our vision for this site in Durham. Durham has long been in need of a new cinema to cater for the needs of local people, and we are delighted to be able to provide this as part of the regeneration of this key part of Durham.”
Ken Taylor, Property Director at ODEON Cinemas, added: “We look forward to coming to Durham and being part of this high quality scheme. With this central position within Durham we will offer our guests the opportunity to enjoy all the facilities of our fantastic state-of-the-art cinema and also to step outside and have a meal in one of the adjoining restaurants whilst enjoying magnificent views of the Castle across the River Wear.”
The agent for The Riverwalk is Spencer Wilson at Cushman & Wakefield and John Wood at The Other Retail Group.