The financial services firm has announced that it is funding Wrenbridge Sport and the City of York’s development of the
Totalling £35 million, Legal & General’s investment will build a new state-of-the-art leisure and retail scheme at the
This will comprise a new 13 screen IMAX 50,000 sqft cinema which has been pre-let to Cineworld, as well as various restaurants and retail units.
The leisure and retail scheme forms part of the wider regeneration of the
In addition to Legal & General’s investment, the wider scheme includes the construction of a new 8,000 seat stadium for York City FC and York Knights RCFC, a leisure complex community hub comprising sports hall, 25m swimming pool, gym, NHS facilities and outdoor artificial pitches, as well as further retail and restaurant units.
Richard Arnold, managing director of Wrenbridge Sport, said: "Both Wrenbridge and our consultants have worked extensively to deliver this
“The support of our wider team has enabled us to deliver one of the most complex projects we have ever been involved in.
"Now we will turn our attention to delivery and our contractor the Buckingham Group, are already preparing to start construction with the aim of completion of the stadium in June 2019.
“At the same
“The chance to fund a brand-new scheme, anchored by Cineworld, in an important growth city such as York is a great opportunity for the Leisure Fund.
“This investment is also another example of how we can unlock development opportunities through our private capital by working in partnership with existing developers and with a proactive and collaborative local authority.
“This is a significant development for York and an important investment for the City which will create jobs and contribute to the growth of the local economy.”
Legal & General has invested over £12 billion into UK direct investments and urban regeneration projects to date, with a commitment to invest £15 billion.
It focuses on a holistic investment approach, enabled through collaborative partnerships with progressive local communities, in order to maximise its long-term social and economic impact.
Ian Floyd, deputy chief executive and corporate director for
“Once complete, the Community Stadium and accompanying facilities will be a great asset for the city and residents. And with new jobs and £35m investment, it will bring huge and long-lasting economic benefits to the city.”