Funding secured to develop site containing North East's premier cricket ground
Expert input from our valuation team is helping to secure finance for developing the site containing the Emirates Durham International Cricket Ground.
Newcastle-based partner David Downing provided a valuation of the Chester-le-Street site housing the North-East’s leading cricket stadium for Durham County Cricket Club Holdings (DCCH). This assumed the organisation’s plans to install additions such as a hotel and conference centre over the next two years would come to fruition.
Our valuation is fundamental to DCCH’s negotiations for debt finance. Mr Downing also carried out a simultaneous statutory asset valuation, for DCCH’s annual accounts, covering assets already in place, such as the stands and playing surface, which produced a figure of £15.8m. That was the third occasion on which Sanderson Weatherall had undertaken a statutory valuation for DCCH – a process which must take place at least every five years.
Commenting on our recent contributions, David Harker, chief executive, DCCH, said: “Their work concerning current assets gave us confidence that they would be up to performing the more complex development valuation too, and they didn’t let us down.
“We already knew Sanderson Weatherall provided robust and dependable valuations, plus first-class client service. They invariably respond very promptly, when we need their involvement, and provide us with extremely comprehensive reports, for example.
“But with demanding development valuations, it’s one thing to know the process, quite another to prove, as they did, that they fully understood not only our needs and aspirations but specialist markets such as the hotel sector too. Sanderson Weatherall also showed they could satisfy the requirements of our development partners.
The 15,000-capacity Emirates Durham International Cricket Ground, opened in 1995, currently has facilities including executive boxes and lounges, function rooms and suites catering for up to 300 people, a health club, and a Media and Education centre. The home of the North-East’s only first-class cricket club, the stadium regularly stages events such as concerts, in addition to county and international matches.
Mr Downing said: “The confirmation of DCCH’s ambitious plans is excellent news for the North East Region and I’m very happy to have played a part in making it possible. We now look forward to seeing the organisation’s development plans come to fruition.”