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County Durham country pub snapped up by Valiant Pub Company

2025-04-06 21:19:31 By

A popular countryside pub bordering County Durham and Northumberland has been snapped up by a growing hospitality group in an undisclosed deal.

The Derwent Arms is a traditional pub, restaurant and hotel in the village of Edmundbyers, set in the North East corner of the North Pennines Area of Outstanding Natural Beauty. The venue has a lounge bar and restaurant, as well as six ensuite letting rooms, a self-catered guest apartment, and a beer garden.

The pub was bought by Inn Hospitality Group back in 2021, triggering a major refurbishment project, creating a new restaurant serving seasonal and local produce which has proved popular among locals and tourists, also helping it to scoop a number of awards. Now the Derwent Arms has been acquired by Valiant Pub Company, a growing hospitality company launched four years ago by Hawthorn Leisure co-founders Gerry Carroll and Mark McGinty.

The Derwent Arms is their fourth pub acquisition through Christie & Co in the region, adding to its recent acquisitions The Keelman Arms, The Heart of Northumberland and The Railway. David Cash, regional director and Marslie McGregor, business agent at Christie & Co handled the sale.

They said: “The Derwent Arms presented a fantastic opportunity for a new owner-operator to continue the successful operation of the business. Benefitting from several income streams and with trade from both locals and tourists, the business was already well-established with excellent reviews and a good reputation. We are proud to have facilitated this sale and we are delighted to have helped Valiant Pub Company strengthen their presence in the North East.

“They have purchased The Keelman Arms in Tyneside, The Heart of Northumberland in Hexham and The Railway in Blyth through Christie & Co and have further acquisitions in the pipeline.”

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National law firm to expand into North East in former Newcastle bank site

A national law firm is poised to expand into the North East after snapping up a former bank in a Newcastle suburb. The Barclays Bank unit on Gosforth High Street has lain empty ever since closing its doors to customers in March 2022 having operated as a bank for more than 125 years. The closure was among a number in the region, after the banking giant noted a fall in the number of people using its in-person services as many switched to digital banking. Now, however, property company Bradley Hall has struck a deal with a law firm to let the prominent building. The company taking on the site has yet to be named, but it has chosen the property after looking to open a North East branch, Bradley Hall said. The site had been operated as a bank by a number of companies over 128 years before its closure, originally operating as The North East Banking Company, which opened in 1894, following the development of Gosforth from Bulman Village into a wider residential area. The site then became Martin’s Bank in 1928 before being taken over by Barclays in 1969. The lease was agreed by Henry Bowers and William Reavley from Bradley Hall’s commercial agency team, based at the firm’s city Newcastle centre head office.

New £68.7m funding deal agreed for Birmingham student flats

A huge student accommodation project due for completion in Birmingham next year has been boosted by a new funding deal. LaSalle Investment Management has agreed a £68.7 million loan deal with developer and operator Vita Group for its project in Gough Street near the city's landmark Mailbox scheme. The building will house 540 beds and be run by the Cheshire-based group once completed. It will cover 105,000 sq ft across two blocks of ten and 29 storeys and contain private dining rooms, a hub for socialising and study, a gym, outdoor basketball court and terraces. Construction work started in 2023 and it is due to be ready to welcome students ahead of the 2026/27 academic year. It will add to the firm's other student project in the city at the former home of BBC Pebble Mill studios in Edgbaston. Vita Group is also behind the regeneration of the old Axis Square site, in Holliday Street, where it plans to build 'Goods Station', a residential-led, mixed-use scheme across four acres of derelict land. Chief operating officer Max Bielby said: "We're delighted to be working with trusted partner LaSalle to deliver this best-in-class student accommodation to the heart of Birmingham. "The delivery of this building is well under way and will raise the standards of what students should and can expect from their accommodation experience in the city centre. "We look forward to welcoming students from September 2026." David White, head of LaSalle real estate debt strategies, added: "This latest development loan completed by our debt investments platform maintains our strong pace of deployment, positioning our business as one of the most active real estate debt providers in Europe.

Bristol office market has highest rents outside London

Office space in Bristol is now more expensive than any other big city outside of London, a new report has revealed. Surging demand among businesses and a lack of supply drove up rents last year, the Bristol Office Agents Society found. Headline rents in the city increased through 2024 to £48 per sq ft - the highest of the big six cities analysed. A lack of "good quality" space also drove up prices on refurbished buildings which in many instances achieved rents of £40 per sq ft. Though take up of space was below the five and 10 year averages for the year, there was an increase on the level for 2023 and with strong demand towards the end of the year market sentiment going into 2025 is positive, the report said. Bristol’s city centre market saw 41 deals completed in the second half of last year with a H2 take up of 187,527 sq ft. Total annual take up in the city centre for 2024 was 440,562 sq ft. Among the biggest deals was BLOCK’s acquisition of 21,235 sq ft at the newly refurbished building The Fairfax. There were also agreements at UBS’s newly refurbished 3 Rivergate, with Aecom’s taking 15,124 sq ft on the sixth and part of the fifth floors, and DNV taking 11,261 sq ft on the fourth. Other Grade A lettings this quarter include CBREIM’s letting at Halo of 9,504 sq ft to Softcat; Mazar’s move to 7,821 sq ft at AXA / Bell Hammers Assembly C; and CBRE acquiring 7,309 sq ft of space for themselves at CEG’s EQ. Several new build schemes also completed in Bristol last year, including CEG’s EQ, Trammell Crow and Tristan Capitals’ Welcome Building, and AXA / Bell Hammer’s Assembly Buildings B & C, all of which secured pre-lets. Beyond these there are no other new developments under construction. The only major works ongoing are comprehensive refurbishment schemes including APAM’s One Friary, CEG’s Crescent and Abrdn’s Queens Quay. Andy Smith, office agency partner at Knight Frank, said: “An election year always has a negative impact on levels of take up as businesses often put moves on hold due to the uncertainty surrounding a new government and 2024 was no different. "However, even in this challenging market there were a number of significant deals, and occupiers continued flight to quality saw rents rise." He added: "As we start 2025 there has been a marked uptick in new enquiries both in and out of town which reflects an underlying improvement in occupier sentiment and a slightly less uncertain political and economic outlook for the year.” Meanwhile, the Bristol out-of-town market saw 13 deals cross the line through the second half of the year to give a H2 take up of 54,773 sq ft. The largest of these was the long leasehold of 13,075sq ft at 23 Clothier Road to Outcomes First Group. The figure was below the five and 10 year averages but the outlook for 2025 is "more positive", the Bristol Office Agents Society said. Chair of the South West OAS, and Lambert Smith Hampton’s office agency director Roxine Foster, added: “2024 proved to be a year of mixed fortunes, however the outlook for 2025 is positive and with pressure on supply becoming more and more evident it will be interesting to see which the next schemes are to start on site."

Strong tenant interest in £12m low carbon Carmarthenshire office and industrial scheme

A new sustainable £12m office and industrial development in Carmarthenshire is already half let with strong tenant interest in remaining space. The Parc Gelli Werdd development at Cross Hands provides 26 office and workshop units, which collectively extend to 32,500 sq ft. The project was finance with £4.5m from the Welsh Government, £1.25m from Carmarthenshire County, as well as backing from the Active Building Centre and the European Regional Development Fund. Thirteen units are already occupied, with a further three under offer. The scheme is being managed and marketed by the council with quoting rents for offices at £11 per sq ft, hybrid units £8.50 sq ft and light industrial space £7. The low carbon development, part of the Welsh Government’s property delivery plan, comprises high performance insulation and roof mounted solar panels that will deliver reduced building running costs and benefit the environment. Designed to achieve net zero carbon in-operation target, it also includes an building management system that incorporates a bespoke metering and monitoring platform to enable billing and detailed performance monitoring. This will allow tenants to manage electricity consumption to achieve cost efficiencies. Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said:“We are determined to stimulate green economic growth, creating sustainable employment opportunities and supporting Wales’ transition to a low-carbon economy. “I’ve spoken to so many businesses both here in Carmarthenshire and elsewhere who have been clear that creating localised, well connected, high-quality business spaces with sustainability at their core, is a priority for expansion and job creation. “The Parc Gelli Werdd development has been built to exceptional environmental standards and will reduce operational costs for occupying businesses whilst minimising environmental impact, in accordance with the net zero strategic plan.” Among the first companies to occupy units at the site is Conquer Teamwear. Company owner Chris Jones said: “Moving into units 3 & 4 at Parc Gelli Werdd has been a great boost for our business and will help with the continued growth of Conquer Teamwear. The units are of a really high specification and the location is perfect for our staff and customers, being just a few minutes off the dual carriageway and Cross Hands roundabout.” Leader of Carmarthenshire County Council, Darren Price, said: "The Parc Gelli Werdd development is an important example of how the local authority and Welsh Government can collaborate to deliver high quality business space with sustainability at its core. "The council is committed to tackling the climate emergency, working towards our net zero carbon goal, and business space like this prove that this ambition is possible. “It is encouraging to see a number of Carmarthenshire businesses already utilising this space, allowing them to grow their business create local jobs and pursue their own sustainability goals moving forward.”

Former Newcastle Sports Direct store to become new home for banking giant

Lloyds Bank is to move into the multimillion-pound redevelopment of the former Sports Direct store at Monument Mall, it has been revealed. Billionaire real estate entrepreneurs Reuben Brothers, part owners of Newcastle United, snapped up Monument Mall in a reported £37m deal four years ago through its investment vehicle, a deal which triggered major investment at the large property which has luxury shops, bars and restaurants. Former tenant Sports Direct moved out of its Northumberland Street building to set up shop across the street, and hoardings have surrounded the former sports shop for a number of months while a construction team strips back the property – previously home to retailers including Burtons and Woolworths – to create new commercial units for new tenants. Now it has emerged that Lloyds Banking Group is poised to quit its Grade II star listed base on Grey Street to move its city centre branch into Monument Mall. Work on a fit-out is set to take a number of months, with Lloyds taking over the ground and first floors, but the banking group says its hopes to move into its new city centre base in the second half of this year. The firm said the new branch will be based within the ground floor of its new office in the Monument Mall building, providing a more modern, accessible space for both our colleagues and customers. It added: “We will terminate our existing lease once all colleagues have been relocated. There are no role reductions as a result of this announcement.” Staff at the bank’s Newcastle branch were told of the planned move at the end of last year, through an announcement saying: “We’ve been looking at some of our regional offices to understand how they’re being used and how this aligns to our strategy to create fewer, better equipped offices to suit the future of our business. This is about having the right facilities, technology and environment for our people, designed for inclusivity, accessibility and sustainability. We’re investing in our branches too. While the shape of our branch network is changing in line with customer behaviours, we’ll continue to invest In our branches to ensure great customer and colleague experiences. “Taking these factors into consideration, we’ve decided to relocate our branch and our regional office from 102 Grey Street to Monument Mall in H2 2025. The new Lloyds branch and office will be a significant upgrade on our current space and will have a whole now look and feel. We’ve secured a prime retail spot in this building which reflects how customers are banking with us now.” The new branch is set include innovative new features including ‘touch down spaces’, greater technology-led experiences, a new kitchenette and breakout spaces. Sharon Doherty, chief people and places officer at Lloyds Banking Group, said: “We’re thrilled to be moving to Monument Mall in Newcastle. This new location provides our people with modern, state-of-the-art facilities, creating the ideal environment for our colleagues to collaborate and thrive. Newcastle joins our other hubs, including Cardiff, Birmingham, Leeds, London, Belfast, Edinburgh, and Manchester, benefiting from the significant investment we’re making to transform our workplaces for colleagues and to attract the talent of the future.”

Revamp for Jewellery Quarter office block

An office block in Birmingham has undergone a renovation project. The facelift work at the Jewellery Business Centre, in the historic Jewellery Quarter district, includes new breakout space for collaboration and relaxation and a refreshed reception area. There is also a new dedicated postal room, redecorated corridors, new signage and other work to the building's décor. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Landlord Northern Trust Company carried out the project in Spencer Street in collaboration with Rota Contracting and Poppy Signs. Business centre manager Lisa Whitcombe said: "Northern Trust is dedicated to creating high-quality workspaces that meet the evolving needs of our occupiers. "These improvements reflect our ongoing investment in the Jewellery Business Centre and underline our commitment to supporting businesses in Birmingham's Jewellery Quarter." The building has flexible space able to accommodate single occupiers up to small businesses.

32-storey Sky Gardens residential tower to dominate Leeds after £54.4m loan deal

A Grade II-listed former mill in Leeds is set to be transformed into a vibrant residential destination with a 32-storey housing tower following a £54.4m loan deal. Real estate finance provider Maslow Capital has provided the multimillion-pound development loan to back a joint venture between CityLife and Torsion Group, which is set to develop the landmark Sky Gardens scheme in the city. A brownfield site which is just under one acre in size will be turned into Sky Gardens, a huge build-to-sell scheme with 306 homes set across the 32-storey skyscraper – which is set to become one of Leeds’ tallest buildings – and a three-storey refurbished former mill. Once finished, apartments will range from studios to three-bedroom homes to cater for different residents, and the project will also include a number of “premium” on-site facilities including a gym, a cinema room, a luxury residents reception lounge, and the ‘Sky Garden’ – a stunning rooftop area with 360 degree views across the city from the top floor. The development will also include two commercial units. The development team says it is working to preserve and sensitively restore the Grade II-listed mill and integrate it into the wider design, as part of a block housing 22 residential units. The developers say Sky Gardens, set on Water Lane in Leeds’ South Bank regeneration area, embodies Leeds’ ambitious spirit. Gareth Morgan, managing director at CityLife, said: “Leeds has always been a city of ambition and reinvention, and Sky Gardens embodies this spirit. This project allows us to preserve an extraordinary piece of our industrial history while offering modern, sustainable living that meets the needs of today’s residents.” Matt Pigram, senior director, origination at Maslow Capital, said: “CityLife and Torsion Group bring extensive expertise to this project, and we are confident their combined vision will drive the scheme’s success. This £54.4m facility deepens our partnership with both developers, bringing our total support to a combined 896 homes across three major Leeds projects—an effort that underscores our commitment to addressing the region’s ever-growing need for high-quality housing.” David Worsley, COO at Torsion Group, said: “We are delighted to continue our longstanding relationship with Maslow Capital with this being our third transaction following the successful completion The Phoenix and Flax place. Torsion Group is proud to be part of this joint venture, bringing together a highly experienced delivery team including investment, construction and development management expertise. “In partnership with CityLife, we are fully committed to providing Leeds with a best-in-class development which is designed and constructed with placemaking and ESG at the heart of the concept.”

Harworth reports record 2024 on path to £1bn assets

Property firm Harworth says it is on track to accumulate £1bn in assets by the end of 2027 after what it described as a record year. The Yorkshire-based developer and landlord says that as key land sales complete, it is confident of meeting its target of £1bn European Real Estate Association Net Disposal Value (EPRA NDV) - a key measure of assets used by real estate investment trusts. In a trading update to the London Stock Exchange, Harworth pointed to its £106.6m deal with Microsoft for land at the site of the former Skelton Grange power station near Leeds and completion of a £53.5m sale at Ansty in Warwickshire. Bosses also pointed to a record 2,385 residential plots sold, including 13 deals with a headline sales value of £104.1m, and against a group target of 2,000 plot sales on average per year. Those deals included national and regional housebuilders and affordable housing providers. Meanwhile there was 4.4m sqft of industrial and logistics land sold for £230.1m, giving Harworth a pipeline capable of delivering 33.6m sqft of space. Following a spate of planning approvals, the group now has 8.4m sqft of industrial and logistics land with consents. During the year 100,000 sqft of direct development was completed and Harworth was on site at the year end with another 270,000 sqft of space which is expected to be completed within a year that is anticipated to bring £2.7m annualised rental income. The majority of the space (68%) was kept in the group's investment portfolio with the remainder built for owner occupiers. Lynda Shillaw, chief executive of Harworth, said: “2024 has been a record year for Harworth operationally and, as we enter 2025, we remain confident in our ability to reach our £1bn EPRA NDV target by the end of 2027. "We have an extensive platform to scale the business, owning and controlling a sizeable land pipeline capable of delivering 33.6m sqft of industrial and logistics space and 31,264 new homes, and we remain well positioned in structurally undersupplied sectors that are fundamental to the UK's economic growth. With low debt and high available liquidity, we are well placed to take advantage of opportunities whilst remaining resilient through the near-term macro-economic uncertainty. "The consistency of Harworth's performance over time continues to highlight the agility and resilient nature of our business model, and our team's expertise in identifying and driving significant latent value from the portfolio. We continue to make solid progress in delivering our strategy and are confident in our ability to continue to drive both strong returns and long-term value from our landbank and development activities."

Empty office block could be demolished for 140 new homes

An unused office block in Oldham that council officials fear could be a magnet for 'vandalism and anti-social behaviour' is set for demolition to make way for 140 new homes. The demolition of the Southlink building, near Oldham Mumps, was reconfirmed at a cabinet meeting this week. The land, acquired by Vistry Partnership from both the council and Transport for Greater Manchester in the previous October, will be transformed into a residential area featuring 146 affordable houses. This includes 32 for social rent and 77 priced at 80% of market value, reports the Manchester Evening News. Although demolition had been previously approved, progress had paused following an unsuccessful sale attempt to Tilia Homes. Oldham's cabinet member for 'decent homes', Elaine Taylor, commented: "The demolition will enable the site to be readied for construction and remove a vacant building which is likely to attract vandalism and anti-social behaviour, especially at night and weekends which will inevitably cost the council additional money to keep the building safe and secure." The council has stated that the development plan focuses on '100 per cent low carbon homes', equipping them with heat pumps and insulation aimed at preventing heat loss and energy saving, ultimately reducing household bills for occupants. Council leader Arooj Shah hailed the upcoming development as a significant victory amid Oldham Council's housing crisis, with over 7,000 locals on the social housing waitlist. Cllr Shah said: "The green element is also really significant, but when you bring that down to people, that also means they'll have cheaper energy bills. It's a win-win. I'm hoping this will just be the start of so many other developments that are economically viable [for our residents]." A planning application is anticipated by spring, at which point the public will be invited to provide their feedback on the proposals.

Plans revealed for 33-storey co-living scheme in the centre of Cardiff

Plans for a 33-storey co-living scheme in the centre of Cardiff can be revealed. Bangor-based and Alternative Investment Market listed developer Watkin Jones will next week launch a pre-planning public consultation exercise for its 400 build-to-rent bedroom scheme on a brownfield site at Custom House Street. Co-living is a type of communal housing in which residents have private bedrooms and bathrooms, but share other facilities required to meet everyday needs, such as communal kitchens and living spaces. Other shared facilities in the scheme, designed by Cardiff-based Rio Architects, include a gym, gardens and co-working space. The co-living concept has grown in popularity in other core UK cities, including London and Bristol. The statutory consultation will run to the end of March with a planning application expected to be submitted to Cardiff Council in the spring. Watkin Jones, which specialises in student accommodation and build-to-rent developments, is working with planning consultants Lichfields on the project. Two virtual webinars will be staged this month to gauge the views of, and obtain suggestions from, the local community and stakeholders on the plans ahead of submission. Iain Smith, planning director at Watkin Jones, said: "The webinars will provide us with the opportunity to engage with the community, understand their perspectives and ideas. This feedback will help shape our development plans, ensuring that the final submission aligns with the needs of the surrounding community and future residents. As an experienced developer and manager of co-living, the sessions will also provide a platform for the community to ask questions about this emerging form of housing." Subject to planning approval, work on the scheme would start before the end of the year and take around 30 months to complete. As with its other property schemes, Watkins Jones would be expected to sell the asset to an institutional investor. Last year work started transforming the former Knox Court office building on Newport Road in Cardiff for another co-living scheme. It came after developer Urban Centric struck a £23.8m debt deal with Shawbrook for the project at the 60,000 sq ft building, alongside securing a £7.6m equity injection from Housing Growth Partnership, which is part of Lloyds Banking Group.