A staggering £53.25m is being pumped into a major town centre development in Dover.

Legal and General Property has today announced on behalf of its Managed Property Fund that it will be supporting Dover District Council's work to create the St James' retail and leisure development.

Developer Bond City has been involved with the scheme for more than 10 years as plans have been amended.

The council has confirmed that 69% of it is pre-let with a further 3% under offer.

Work has already started, with Dover's eyesore Burlington House being torn down in February.

When it is complete in 2017, it will have a six screen Cineworld cinema, a 108-bed Travelodge hotel, restaurants Nandos, Frankie & Benny's and Bella Italia.

Fashion and home retailer Next is also confirmed along with three other restaurants which have not been named yet.

The town centre expansion is expected to provide strong returns for the Managed Fund, the council said.

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.”

Cllr Paul Watkins, leader of Dover District Council, said: “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.”

Clive Lynton, development director of Bond City, said: “We are delighted to be working with Legal & General who have a strong track record in financing and operating major retail and leisure schemes across the UK.

"Our pre-construction plans are well advanced, and we will be making a series of announcements in the coming weeks about the construction phases and new tenants.”