Canada Life has agreed to forward fund Turnstone Estates’ £65 mln (€76 mln) leisure development in Colchester’s Northern Gateway in the UK.
As part of the deal Colchester Borough Council has taken an over-riding lease on the scheme with a full buy-back of the Leisure Park at the end of the term for £1.
This will allow the council to manage future leisure provision within the town with outright ownership after 35 years.
Planning approval for the 200,000 ft2 (18,580 m2) leisure scheme was granted by Colchester Borough Council in December 2020. It will include a 12-screen Cineworld, two drive-thru restaurants (Greggs and Wendy’s), a 90-bed Travelodge hotel, a Hollywood Bowl bowling alley, Puttstars indoor golf centre and a Jump Street climbing centre, as well as seven restaurants, high-quality landscaped piazza, parking for 750 cars and several rapid-charge electric vehicle charging points.
The Turnstone Estates’ scheme for the Northern Gateway Leisure Park forms part of a wider development delivered by Colchester Borough Council and its Colchester Amphora companies that also includes the recently opened Northern Gateway Sports Park as well as 350 new homes, healthcare hub, and 45,100 m2 of commercial floorspace.
’This is a really positive milestone for the new leisure development,’ said Chris Goldsmith, of Turnstone Estates. ‘We have signed some fantastic operators and with work about to start on site, we look forward to the scheme opening in autumn 2023.’
Michael White, head of Property at Canada Life Asset Management, commented: ‘Northern Gateway Leisure Park is an exciting project that will serve an expanding catchment population and meets our objective to provide long-term finance for high quality development backed by local authorities in support of community enhancement plans.’
