Hermes buys into Bromley South Central
by Jim Dunton Wed 15 May 2013, 12:44 pm
Hermes Real Estate Investment Management has agreed a partnership deal to put £54.9 million into Cathedral Group's mixed-use Bromley South Central development.
Bromley South Central: Hermes announces investment
Its investment will fund the commercial element of the scheme - 85 per cent of which has already been pre-let – and include a funding facility for the 200-home residential part of the project.
In addition to the homes, the development includes a 130-bedroom hotel pre-let to Premier Inn, a nine-screen Vue Cinema multiplex and 2,250sq m of café and restaurant space, part of which has been pre-let to national chains Nandos, Prezzo and Las Iguanas.
The town-centre scheme, which started on site last month, is being delivered by McLaren Construction and is scheduled for completion in autumn 2015.
Bromley Council leader Stephen Carr said Hermes’s involvement in the scheme would send out a strong signal to the market that the borough had compelling investment opportunities to offer.
“Bromley is a key location in the South East and independently recognised as one of the leading places in the country to live,” he said.
“We are actively pursuing exciting proposals for other sites within the town centre, which include a hotel and a significant mixed-use development. We are also in discussions with the mayor of London and TfL about bringing the DLR to Bromley, further enhancing the appeal.”
Hermes chief executive officer Chris Taylor said that Bromley South Central had good transport links with central London and 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,” he said.
In addition to Hermes’s investment, the Homes and Communities Agency is also supporting Bromley South Central with £9.5 million in Get Britain Building funding.
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