Legal and General acquires St James, Dover development

Legal and General Property, on behalf of its Managed Property Fund, has committed 53.25 million pounds to acquire and fund the development of St James, Dover, a new retail and leisure scheme at the heart of Dover town centre, supporting the Council’s wider regeneration work currently underway in the area.

Once developed, St James, Dover will provide 156,915 square foot of retail and leisure accommodation, with the retail element set to be anchored by Marks and Spencer and Next, whilst the leisure component includes a six-screen Cine-UK Cinema, a 108-room Travelodge hotel and six restaurants.

The development is currently 69 percent pre-let with a further 3 percent under offer. Work has already begun on site with completion due by autumn 2017.

Legal and General Property senior fund manager, Mark Russell, 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.”

CGI Images: courtesy of St James, Dover