LAND valuation experts believe their analysis of a major development in the region is pointing towards economic recovery.
The valuation team at CB Richard Ellis recently provided a valuation for HSBC of land at the £200m Durham Gate development in Spennymoor, County Durham.
The team said its analysis showed land value on development sites is starting to recover.
The company’s North-East and Yorkshire director of valuation, Michael Porter, said: “It is extremely encouraging that this flagship scheme is progressing.
It will inevitably play a key role in the ongoing regeneration and promotion of the area. While it has been stilted in the last two years, we are now witnessing signs of improvement across the North.”
The redevelopment of the former Black and Decker site, in Spennymoor, is being done by international property company Carillion Development and Hartlepool property investment specialist Arlington.
The county’s largest registered provider of social housing, Sedgefield Borough Homes, will base its head office, with 170 staff, at Durham Gate.
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