The joint venture will demolish the 1960s Dolphin Square shopping precinct to develop 140,000 sq ft of retail space, an eight-screen Vue Cinemas multiplex, a 20-lane indoor First Bowl bowling centre, and an Anytime Fitness Club. The scheme will open in May 2013.

Nando’s, Prezzo and Harvester have taken prelets for restaurants. Premier Inn will open a 112-bed hotel on an adjacent site that fronts on to Weston seafront in June 2012. Simon Berry, managing director of Life Property, said:

“Following the completion of the new Grand Pier, the increase in the resident population and tourists, there is an additional £350m of spending in the town, which is reflected in the number of national operators that have already signed up to the development.”

McLaren Construction Group launched McLaren Property in January. It is headed by John Gatley.

Carter Baynes in Bristol is the agent.