The Bromley South Central project will see the demolition of the 1960s, multi-storey Westmoreland Road car park, along with several other buildings on the same street, in order to make way for a new development which the local council has said will 'transform' London's largest borough.
"This should send a strong signal to the market that there are compelling investment opportunities in Bromley," said Councillor Stephen Carr, Leader of Bromley Council.
When it is completed in 2015, the project will deliver a new hotel, which has been pre-let to Premier Inn, and 25,000sq.ft of new café and restaurant space, part of which has been pre-let to Nando’s, Prezzo and Las Iguanas.
It will also include a nine-screen multiplex cinema, 200 apartments and a 400-space underground car park.
The development is being delivered in partnership with property development firm Cathedral Group.
Bromley Council has said the project will create more than 200 jobs and inject £220m into the local economy over the next 10 years.
"We are enormously pleased to be working with Cathedral Group on this scheme," Carr said. "Bromley is a key location in the south east and is independently recognised as one of the leading places in the country to live.
"In addition, we are actively pursuing exciting proposals for other sites within the town centre which include a hotel and a significant mixed-use development in the middle of the town as well as a forthcoming £5m investment in public realm improvements in Bromley North.
"We are also in discussions with the Mayor of London and TfL about bringing DLR to Bromley, further enhancing the appeal," he added.
Richard Upton, chief executive of Cathedral Group, revealed the development was being backed by pension fund management firm Hermes. He also said the project would give encouragement to other councils and property developers wanting to create similar mixed-use developments in other towns.
”This scheme will be transformational for Bromley town centre, creating a real step-change in its fortunes," he said.
"We believe this partnership with Hermes is also a major endorsement of the 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."