The mixed-use Bromley South Central Scheme is being developed by Cathedral Group in partnership with Hermes Real Estate Investment Management Ltd (HREIML).
HREIML has committed £54.9m to the scheme and the Homes & Communities Agency (HCA) has invested £9.5m through its Get Britain Building funding programme that aims to accelerate the delivery of new homes by supporting development sites with planning permission.
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 aims to create an entertainment, leisure and residential hub in the heart of Bromley town centre.
The development includes a 130-bedroom Premier Inn hotel, a nine-screen multiplex cinema and 25,000 sq ft of café and restaurant space, including Nandos, Prezzo and Las Iguanas.
In addition, 200 new apartments, both private and affordable, will be delivered as well as a 400-space underground car park.
Cathedral Group chief executive Richard Upton 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."
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