Cathedral Group 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 £54.9m 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.

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The regeneration scheme will create 220 jobs in Bromley and inject at least £220m 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 £9.5m 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 is also pleased to confirm 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.

(CD)