F&C REIT has reached a lease agreement to bring international hotel brand Holiday Inn Express to the Cook and Endeavour House redundant offices site at The Cleveland Centre. Work has already started on the 138-room hotel – which will also include a 180-seat restaurant facility with additional outdoor seating - with the new development scheduled to open for business during the summer of 2015.
Property developer Ashall Projects, in partnership with Middlesbrough council, will undertake the regeneration of Cook and Endeavour House. The venture will be funded by a £5.8m loan from Middlesbrough council with the equity funds being raised by Harcourt Capital. The building renovation and conversion has been designed by architect Ramsden & Partners.
Ray James, asset manager at F&C REIT, said: “This development is a very important step forward in unleashing the potential of The Cleveland Centre. We are delighted to have attracted a brand like Holiday Inn Express, which is part of InterContinental Hotels Group and one of the world’s largest hotel companies.
“The development will strengthen the centres offer and will help reinforce the shopping centre as the town’s premier shopping destination. This is a substantial investment for Middlesbrough and is the last piece in the jigsaw to upgrade the town’s square which is surrounded by the Town Hall, Civic Centre, Central Library and MIMA Middlesbrough Institute of Modern Art, which all help attract visitors for business and leisure to The Cleveland Centre.”