Cathedral Group PLC will partner with Hermes Real Estate Investment Management Limited (HREIML) to deliver its £220m mixed-use Bromley South Central regeneration scheme.

HREIML will commit investment of £54.9m to move forward the delivery of the regeneration scheme by funding the commercial element, of which 85% is pre-let and provide a funding facility for the residential development.

Richard Upton, Cathedral Group Plc Chief Executive, said: "This scheme will be transformational for Bromley town centre, creating a real step-change in its fortunes. Attracting this level of investment from one the UK's largest pension funds is great news for the people and businesses of Bromley.

"We believe this partnership with HREIML is also a major endorsement of Cathedral's innovative approach to development and sends out a positive message to other local authorities and town centres as to what can be achieved, if private and public partners work entrepreneurially together to unlock and create opportunities for growth."

The regeneration scheme will create 220 jobs in Bromley and inject at least £220m into the local economy over the next 10 years. The development includes a 130 bedroom hotel pre-let to Premier Inn, a nine screen multiplex cinema to be operated by Vue Cinema and 25,000 sqft of new café and restaurant space.

Plus 200 new apartments, both private and affordable, will be delivered as well as a modern 400 space underground car park.

Chris Taylor, Chief Executive Officer for Hermes Real Estate Investment Management Limited, said: "We are delighted to be investing in such a sustainable development located within a major London suburb with excellent long term growth prospects; the retail, leisure and housing mix provides an attractive long term investment opportunity based upon excellent public and private transport infrastructure."