06 April 2017
Legal & General (L&G) announces that Kent-based construction specialist, RG Group, has been confirmed as the main build contractor for the St James retail and leisure regeneration development in Dover town centre.
The £53.25 million development forms part of Dover District Council’s wider regeneration for the town which will create jobs and drive economic and social growth. Funding the development on behalf of LGIM Real Assets’ Managed Fund, L&G is currently involved in over £3.25bn of strategically important regeneration schemes that are fast transforming and reshaping Britain’s landscape.
Work on the 157,000 sq ft scheme is already well underway with construction works progressing well for the Cineworld, the restaurant block, and the main retail block on Townwall Street. Construction of a 108-bed Travelodge hotel is also underway. Maidstone-based, Gallagher Group has been on site since December 2016 and will continue as a sub-contractor. RG Group took possession of the site as the main contractor on 3 April 2017.
Once developed, the scheme will provide Dover with a modern retail and leisure provision to support the town’s growing population. The retail element is to be anchored by major 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.
The development is currently 80% pre-let and recent lettings at the scheme include Shoe Zone, Card Factory, Carphone Warehouse and Greggs.
Neil Crawford, Head of Retail and Leisure Development at LGIM Real Assets, said: “Already significantly pre-let, St James, Dover will provide a modern, fit for purpose and highly prominent retail and leisure destination for the town. We are continuing to see significant demand from retailers wanting to sign up to the scheme, and it is great to see works progressing, bringing to life the transformation of the town centre.”
Clive Lynton, Development Director at developers, Bond City, said: “We are delighted to be working with a Kent-based construction company. We were impressed with RG’s credentials in the retail sector and look forward to working with them to complete this exciting development for Dover.”
Trevor Puttick, Director at RG Group, said: “We look forward to working with both Bond City and Legal & General to deliver an excellent scheme for Dover.’’
Substantial progress has been made on site and practical completion of the development is scheduled for Q1 2018.
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Notes to editors:
LGIM Real Assets
LGIM Real Assets is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £842bn in assets on behalf of over 3,200 clients (as at 30 June 2016), providing products and solutions spanning all asset classes. LGIM Real Assets, headed up by Bill Hughes, has AUM of £23.2bn (as at 31 December 2016), actively investing and managing assets across commercial property, private residential, infrastructure and property lending and, most recently, corporate credit.