Canada Life has agreed to forward fund a £65m leisure development in Colchester, Essex.
Turnstone Estates secured planning permission for the 200,000 sq ft Northern Gateway Leisure Park late last year . It includes a Cineworld cinema, a Hollywood Bowl centre, an indoor mini-golf course, climbing centre, seven restaurants, two drive-thrus and a 90-bedroom Travelodge hotel.
As part of the forward-funding deal, Colchester Borough Council has taken an overriding lease on the scheme, with outright ownership after 35 years.
Chris Goldsmith, director at Turnstone Estates, described the deal as a “positive milestone” for the leisure scheme, which is expected to open in late 2023.
Wareing & Partners advised Turnstone Estates, Price Property Consultants advised Canada Life and Colchester Amphora Trading advised the council.
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