Investment firm Legal & General Property has committed more than £53m (US$78m, €69m) to acquire and fund the development of a new retail and leisure scheme in the heart of Dover, UK.

The project has been in the works for over a decade, and forms part of the local council’s regeneration work to support the coastal town’s growing population.

Called St James, Dover, the project will provide 157,000sq ft (1.7m sq ft) of leisure space, including a 108-room hotel, six restaurants, several retailers and a six-screen cinema.

The developer of the project is Bond City and the designers are KKA architecture.

Preliminary work has already begun on site and completion is scheduled for Q3 2017.

Mark Russell, senior fund manager at Legal & General Property, 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.

“The scheme will be modern, fit for purpose and highly prominent and we have already received significant tenant demand for the remaining vacant units.”

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.”

Further announcements are expected in the coming weeks about the construction phases and new tenants.