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Landmark development to ‘transform’ Bromley

Monday 13th May 2013

Cathedral Group PLC has announced that it will partner with Hermes Real Estate Investment Management Limited (HREIML) to deliver its mixed-use Bromley South Central Scheme, which is set to transform Bromley town centre over the next two years.

HREIML will commit investment of £54.9 million to move forward the delivery of the regeneration scheme. HREIML’s investment will comprise forward funding for the commercial element of the scheme, 85% of which is pre-let, as well as a funding facility for the residential development. The scheme will create a vibrant entertainment, leisure and residential hub in the heart of Bromley town centre.

The regeneration scheme will create 220 jobs in Bromley and inject at least £220 million into the local economy over the next 10 years.

The development includes a 130 bedroom hotel pre-let to Premier Inn, a nine screen multiplex cinema to be operated by Vue Cinema and 25,000 sq ft of new café and restaurant space, part of which has been pre-let to national restaurant chains Nandos, Prezzo and Las Iguanas.

In addition, 200 new apartments, both private and affordable, will be delivered as well as a modern 400 space underground car park.

Bromley South Central has also been backed by the Greater London Authority (GLA) and the Homes and Communities Agency (HCA), which has invested £9.5 million through its Get Britain Building funding programme that aims to accelerate the delivery of new homes by supporting development sites with planning permission.

Cathedral Group has also confirmed that McLaren Construction has been appointed as the main contractor for the development, which started on site in April 2013 and is scheduled for completion in Autumn 2015.

Richard Upton, Cathedral Group Plc Chief Executive, said: ”This scheme will be transformational for Bromley town centre, creating a real step-change in its fortunes. Attracting this level of investment from one the UK’s largest pension funds is great news for the people and businesses of Bromley.

“We believe this partnership with HREIML is also a major endorsement of Cathedral‘s innovative approach to development and sends out a positive message to other local authorities and town centres as to what can be achieved, if private and public partners work entrepreneurially together to unlock and create opportunities for growth.“

Chris Taylor, Chief Executive Officer for Hermes Real Estate Investment Management Limited, said: ‘We are delighted to be investing in such a sustainable development located within a major London suburb with excellent long term growth prospects; the retail, leisure and housing mix provides an attractive long term investment opportunity based upon excellent public and private transport infrastructure.’

Councillor Stephen Carr, Leader of Bromley Council, commented: “This should send a strong signal to the market that there are compelling investment opportunities in Bromley and we are enormously pleased to be working with Cathedral Group on this scheme.”

In addition, Cathedral Group PLC is actively pursuing proposals for other sites within the town centre which include a hotel and a significant mixed use development in the middle of the town centre as well as a forthcoming £5 million investment in public realm improvements in Bromley North. The company is also in discussions with the Mayor of London and TfL about bringing DLR to Bromley, further enhancing the appeal.”

Richard Blakeway, the Deputy Mayor for Housing and Land, said: “This is exactly the type of scheme the Mayor wants to see more of in the capital. As London’s population continues to rise, developments such as this, with a mix of retail, leisure and housing, can help to increase the supply of homes for hard working Londoners and boost the local economy.”

              

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