Legal & General Property announces that it has exchanged contracts with Odeon and Premier Inn at St Stephens Place, meaning that work can now begin on regenerating the key Trowbridge town center brownfield site.
With discussions with construction contractors already well underway, and an appointment expected imminently, works are now due to begin on the St Stephens Place Leisure Scheme. Formerly home to a Tesco store, the site has lain dormant since the mid-1990s.
Scheduled to open in October 2013, the long-awaited development will include a seven-screen Odeon multiplex cinema, a range of family restaurants and an 80 bed Premier Inn hotel. Set within a landscaped setting, the scheme will also incorporate public open spaces and riverside walks.
Legal & General Property is behind the proposals which will see a range of leisure uses designed to regenerate the southern part of the town center and help make Trowbridge an exciting destination for Wiltshire residents. The regeneration proposals have received overwhelming support from Trowbridge residents throughout the planning process. Thousands of residents commented online and filled in supporter postcards.
Tim Russell, Senior Asset Manager at Legal & General Property, comments: "The support we have received from the people of Trowbridge has been overwhelming and we are delighted to now be in a position where we can deliver this vital leisure regeneration of the town center.
"In addition to having now finalized the arrangements for the cinema and hotel, I can confirm there has been a strong level of interest from operators who wish to occupy the restaurant units. With the signing of contracts we can finally start work on site with a view to delivering an Odeon multiplex, Premier Inn hotel and a range of family restaurants that will be open for business by October 2013.
"The site has been a blot on the landscape of Trowbridge for over 18 years and we hope our cinema-led leisure development will act as a catalyst for further regeneration in this part of the town center."
Ken Taylor, Property Director for ODEON UCI Cinemas, added: "We are fully committed to this dynamic, well designed scheme and are delighted that with pre-let contracts in place work can now start on site immediately.
"This will allow us to be open and trading next year, bringing a family-led leisure offering to the town center and ending years of frustration for the people of Trowbridge."
Richard Pearson, Acquisition Manager, Whitbread Hotels & Restaurants, added: "Premier Inn is in growth mode as we continue to deliver more locations for customers across the UK and work towards our target of 65,000 bedrooms by 2016. St Stephens Place Leisure Park is another outstanding location for us and we're pleased to be investing into Trowbridge and working with Legal & General to deliver this important regeneration scheme.
"Work is due to start on site immediately and we look forward to opening our doors to customers in 2013."
Source: FTI Consulting