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Medway stumps up £45m for regeneration

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  • by Editor
  • in 151 News · Development
  • — 28 Feb, 2019

Medway Council has bought a shopping centre outright to help regenerate one of England’s most deprived towns.

The council has bought the Pentagon Centre, as well as other freehold properties, in Chatham using £45m funded from its capital programme.

The council predicts the project will generate a £1m-a-year return.

The cash was used to see off property developers that the council believed would not enhance its plans to create a waterfront university centre by 2035.

Chatham, which is a former naval port, has some of the most deprived wards in the country.

The buy-out adds to the £4m secured from the Government’s Local Growth Fund through the South East Local Enterprise Partnership to regenerate the local area.

The project will secure the council’s role in the £5bn Thames Gateway project which has been restarted after being stalled by the last financial crisis.

Leader of Medway Council, Cllr Alan Jarrett, said: “We pride ourselves on being an innovative council and I believe this decision now gives us an opportunity to create a blue print for our thriving town.

“It will also help us to shape, invest in and improve what’s on offer in Chatham, be it for retail, leisure, business or residential.”

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