A FINANCIAL agreement has been made to fund the £65 million leisure development in Colchester’s Northern Gateway.

Canada Life has agreed to forward fund Turnstone Estates ambitious plan for the expansive space which lies to the north and south of Junction 28 of the A12.

As part of the deal, Colchester Council has taken an over-riding lease on the scheme with a full buy-back of the leisure park at the end of the 35 year term for £1.

This will allow the council to manage future leisure provision within the town with outright ownership after this period.

The 200,000 sq ft development was given the green light by the council in December 2020.

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It will include a 12 screen Cineworld, drive-thru Greggs and Wendy’s restaurants, a 90 bed Travelodge hotel and a Hollywood Bowl bowling alley.

There will also be Puttstars indoor golf centre and a Jump Street climbing centre, as well as seven restaurants, a landscaped piazza, parking for 750 cars and several rapid charge electric vehicle charging points.

Chris Goldsmith, of Turnstone Estates, said: “This is a really positive milestone for the new leisure development.

“We have signed some fantastic operators and with work about to start on site, we look forward to the scheme opening in autumn 2023.”

Michael White, head of property at Canada Life Asset Management, added: “Northern Gateway Leisure Park is an exciting project that will serve an expanding catchment population.

“It meets our objective to provide long-term finance for high quality development backed by local authorities in support of community enhancement plans.”

The scheme for the Northern Gateway Leisure Park forms part of a wider development delivered by Colchester Council and its Colchester Amphora companies.

These developments also include the recently opened Northern Gateway Sports Park and the forthcoming 350 new homes, healthcare hub, and 45,100 sq m of commercial floorspace.

The whole development will benefit from an integral digital network providing ultra-fast broadband to homes and businesses.

Deputy leader of the council Sue Lissimore added: “The funding of this much anticipated leisure amenity is tremendous news not only for the project itself but also the wider Northern Gateway development.”