A HUGE project to create a state of the art 80-bed hotel in Eastover has been given a £4.5m cash boost - allowing work to begin this year.
DC Homes and Investments' four-star Eastover Hotel will benefit from the cash from the Growing Places Fund (GPF) secured by the Heart of the South West Local Enterprise Partnership (LEP).
The project, which includes a roof top restaurant and conference facilities as well as number of business units, will create hundreds of jobs and help regenerate the area.
It is hoped the hotel will also help meet demand for bed spaces generated by the Hinkley Point C project.
Bridgwater MP Ian Liddell Grainger said: “The hotel is enormously important and the reason Sedgemoor is getting this funding is because they know we can deliver. This is Bridgwater at its best.
“Sedgemoor got about 50% of the cash for the South-West from this fund. It's a phenomenal success. It's fantastic. We've got the maximum amount of money to get things done.
“I think the biggest reason for Sedgemoor getting all this money is because all the authorities work together and we can put forward this encompassing vision which shows we're the best.”
The £4.5m cash boost comes from the £21.5m Growing Places Fund. The initiative is designed to restart 'stalled' building projects, which have been postponed for financial reasons: applicants will be required to repay the fund, so the funds can be invested into different future projects.
DC Homes and Investments signed a legal agreement with Sedgemoor District Council last August to rubber-stamp conditions of the planning permission given in 2012, allowing it to build the hotel near Aldi and the junction with Broadway. The project has been waiting for further investment.
Chris Garcia, chief executive of the Heart of the South West Local Enterprise Partnership, said: “This project will help to transform Sedgemoor, providing a unique opportunity for economic regeneration in the area.”
Duncan McGinty, Leader of Sedgemoor District Council said: “This is a huge investment into Sedgemoor and will completely change the economy of the area, by improving local infrastructure and create 300 new jobs in construction, hospitality and retail sectors.
“The project is identified as a priority within the Eastover vision supplementary planning document.”
Deepak Chainrai, Director of DC Homes and Investments: “We are excited about this pioneering project and believe it will be a catalyst to transform the area. We are grateful for all the support from both Sedgemoor Council and the LEP.”
The hotel has now undertaken the final step in the process and the formal funding agreement has been signed. It is expected work will begin this November and the project will be completed in early 2016.