Landmark Properties Forms Joint Venture With Citrus Group and Galliard Homes for Mixed-Use Redevelopment of Prince Bishops Place in Durham
Landmark Properties, a U.S.-based real estate investment management firm, has exchanged contracts with Citrus Group and Galliard Homes to pursue the mixed-use redevelopment of Prince Bishops Place, a shopping centre in Durham, England, the company announced April 30, 2026.
Under the proposed scheme, Landmark Properties will acquire the site and work alongside Citrus Group and Galliard Homes to deliver a development that includes 504 purpose-built student bedrooms, new retail and leisure uses, a pedestrian link to the River Wear, enhanced public squares, and communal spaces. The existing multi-storey car park is slated to be preserved. Delivery is contingent on planning and regulatory approvals.
A Revised Planning Application and Expanded Student Housing Component
Planning permission for Prince Bishops Place was initially granted in 2024. A revised planning application was submitted earlier in 2026, increasing the number of student beds and incorporating design improvements aligned with Landmark Properties' investment and brand standards. The revised scheme reflects the firm's entry as lead investor and developer on the project.
The redevelopment is intended to create what the joint venture describes as a financially sustainable platform for reimagining the existing shopping centre, combining student accommodation with a broader commercial and leisure offer for the city centre.
Landmark's Third UK Real Estate Development Project
The Prince Bishops Place deal represents Landmark Properties' third UK development project. The Athens, Georgia-headquartered firm entered the UK market in 2024, completed its first land acquisition — a site on William Road in central London — in 2025, and recently secured planning approval for a redevelopment at 120 Suffolk Street that will also deliver 504 student bedrooms.
Landmark Properties manages more than 74,000 student beds globally and holds over $15 billion in assets under management. The firm has stated plans to implement four to six purpose-built student accommodation (PBSA) and residential schemes per year in the UK.
"As long-term investors with vertically integrated development and property management expertise, we are excited to bring direct foreign investment to the historic city of Durham," said Tristram Taylor, Development Manager of Landmark Properties. "Landmark Properties' expertise ensures the delivery of a high-quality scheme reflecting the city's UNESCO World Heritage City status."
Ioannis Verdelis, Managing Director of Development & Investment Operations at Landmark Properties, said the firm is targeting markets where demand outstrips supply. "Our entry into this market represents a vote of confidence in the UK's thriving higher education sector in general and in the city of Durham, more specifically," Verdelis said. "Landmark is keen to invest in key strategic locations where demand outstrips supply with the goal of bringing forward high quality products that promote vibrant regeneration in underserved markets."
Joint Venture Partners and Advisors
Citrus Group and Galliard Homes are serving as co-partners in the joint venture. James Taylor, Regional Director of Citrus Group, said the partnership marks a new chapter for the city. "Landmark, as a growing UK entrant in the student market, will bring an exciting new student offer to Durham but are also equally committed to delivering a new high street and complementary public benefits," Taylor said.
David Hirschfield, Group Managing Director of Galliard Homes, described the project as a shared commitment to delivering a mixed-use destination for Durham City Centre. "Our shared ambition is to create a first-class scheme Durham can be proud of, bringing forward excellent student accommodation alongside retail and leisure uses, set around an improved public square and pedestrian links that will serve to support the city centre for years to come," Hirschfield said.
Landmark Properties was advised by Newmark on the transaction. The vendors were advised by Savills and Harris & Associates.
Landmark's active development pipeline includes more than 50 student and multifamily projects under construction or near-term start, with an estimated combined value exceeding $10 billion.
No financial terms for the Prince Bishops Place transaction were disclosed.
Sources
Landmark Properties – Prince Bishops Place Announcement (April 30, 2026)