Legal & General Property (LGP) has committed £53.25 mln (€70 mln) to acquire and fund the development of St James, a new retail and leisure scheme in Dover town centre.
The scheme, which is being developed by Bond City, will provide 14,500 m2 of modern retail and leisure accommodation. The retail element is to be anchored by brands including Marks & Spencer and Next, whilst the leisure component includes a six-screen Cine-UK (Cineworld) Cinema, a 108-room Travelodge hotel and six restaurants. LGP said it is committing the funds on behalf of its Managed Property Fund.
The scheme is currently 69% pre-let with a further 3% under offer. Work has already begun on site with completion due by autumn 2017.
The development is part of Dover District Council’s wider commitment to regenerating the town. The Council is working with developers to bring more than 10,000 new homes to the district by 2026, increasing to 14,000 new homes in the longer term.
Gerald Eve acted for Legal & General Property, whilst Harvey Spack Field acted for Bond City.
