Next and M&S to open at St James, Dover

By

Cajsa Lykke Carlson

Published
May 20, 2016

Property fund manager Legal & General has committed £53.25m to acquire and fund the development of new retail and leisure scheme St James in Dover.

Once the scheme, which is at the heart of Dover town centre, is developed, it will consist of 156,915 sqft. of modern retail and leisure accommodation. Legal & General says the centre will be anchored by British fashion brand Next and high street retailer Marks & Spencer.

Currently, the scheme is 69% pre-let with a further 3% under offer. It is expected to be completed by autumn 2017.

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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. 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.”