Kent and Thanet councils have drawn up a shortlist of four developers for the regeneration of the seaside town of Margate.

In an announcement made this morning, the county and district councils said they had picked Crest Nicholson, a joint venture between Ellandi Property and Helical Bar, Gleeson Homes and Urban Splash.

The mixed-use development, to be located next to the proposed location for the Tuner Contemporary visual arts scheme, is expected to open in October 2010.

Roger Gough, Kent County Council's cabinet member for regeneration and supporting independence said: ‘These companies are ideally placed to deliver a high quality development that will complement the gallery and become a key element in the comprehensive development of Margate's eastern seafront.

‘As development progresses we will ensure that public areas are improved and that much stronger pedestrian connections are created to encourage movement between the seafront and the old town.’

DTZ advised the councils on the marketing process.