L&G commits £53 million to Dover regeneration project
Legal & General Property has committed £53.25 million to acquire and fund the development of St James, Dover, a new retail and leisure scheme in Dover town centre.
To be developed by Bond City, the scheme will provide 156,915 square feet of modern retail and leisure accommodation once completed. The retail element is to be anchored by Marks & Spencer and Next, while the leisure component includes a six-screen Cine-UK cinema, a 108-room Travelodge hotel and six restaurants.
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 of St James, Dover 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. There is also investment being directed towards the local infrastructure, including the Port of Dover’s Western Docks Revival project and the Traffic Management Improvement scheme at the Eastern Docks Ferry Terminal.
Mark Russell, senior fund manager at Legal & General Property, said: “Already significantly pre-let, St James, Dover will provide access to a diverse and resilient income stream derived from high quality tenants that are relevant to the intended market. Rents are affordable and will allow for profitable trading – important as we enter a phase in the market cycle where income and income growth is expected to form the greater part of total returns. The scheme will be modern, fit for purpose and highly prominent and we have already received significant tenant demand for the remaining vacant units.”
Cllr Paul Watkins, leader of Dover District Council, added: “This is a major vote of confidence in Dover from one of the UK’s leading investors who have clearly recognised the enormous potential of the St James, Dover development. We look forward to working with Legal & General to transform the retail and leisure offer in the town centre. These are exciting times for Dover.”
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