Real-estate developer Peel has secured £39.6m funding from Legal & General to start work on a new Asda superstore, which forms part of the £650m Chatham Waters development scheme in Kent, UK.
Legal & General will be funding the 73,000ft² supermarket on the southern part of the site close to Pier Road.
It is expected to open in autumn 2015 and after completion Asda will have a new 25-year lease.
Asda UK property communications head Doug Wilson said: "The new store will cater for local residents in the area as well as the new residents who will arrive when further phases of the development are complete."
The proposed Chatham Waters project will be developed into a 1.9 million square feet mixed-use scheme featuring offices, an education facility, a conference centre, a hotel, apartments and town houses, a foodstore and several landscaped public areas.
Upon completion, the regeneration project will feature 950 residential units, 430,000ft² of offices and associated infrastructure.
Contractors John Sisk has been selected to work on road improvements, highway works and landscaping and public realm works for the first phase.
The company will also create a platform for the new £10m university technical college (UTC), which Medway Council recently announced would be built at the site following detailed planning permission being granted.
Peel development director James Whittaker said Legal & General's investment means work can start on the road improvements and landscaping in the first phase.
"Chatham Waters is a wholly privately funded development with Peel investing £25m in phase 1 alone and it is hoped it will give the region a real economic boost," Whittaker said.
Image: The proposed Chatham Waters scheme will be developed into a 1.9 million square feet mixed-use scheme. Photo: courtesy of Peel Holdings.