If you’ve been following my blogs for a few years, you might recall back in 2020 how I wrote an article about the Mountbatten house redevelopment in Chatham town centre.
When investing in the local area, large scale developments are a good sign of future potential and this key development is one that you will want to keep an eye on.
To do a quick recap on plans, the building has been vacant since 2008 when Scottish Widows vacated and plans have been approved to transform the 12 storey building into 164 flats with balconies and parking spaces along with a public plaza and new entrance to the Pentagon Shopping Centre.
The original plans included a rooftop dining area which has been scrapped due to rising construction costs, however the final development will include a residential roof terrace for residents to access.
In addition to this, there are also plans to connect Brook Theatre to the site with a ground level plaza that includes restaurants, cafes and an area for pop-up kiosks along with market stalls.
The project was put out to tender back in August 2024 and was awarded at the end of February to Keady Construction, a Gravesend based firm who also completed the Chatham Docks project and phase three of the Chatham Waters project.
Valued at £39m, this is a significant project for Chatham that will transform the town centre!
In terms of construction works, new sewer connections and concrete repairs as part of a are underway as part of a £940k grant that was awarded in 2023 and plans are for the main construction work to start by summer, finishing in two years.
Back in 2021, I wrote how construction was hoped to commence by spring 2021, so 2025 is certainly somewhat delayed. The project is being delivered by the Medway Council-owned housing arm, Medway Development Company (MDC) so it’s inevitable that it will be completed and I’m looking forward to seeing the final scheme.
If you’re an investor looking to expand or diversity into a new area then Medway is an excellent location. With a very strong rental market both for HMOs and good capital growth, there’s significant investor interest with excellent returns.
If you’d like to chat about how a Medway property investment could benefit you then do drop me an email. The best way to get in touch is through hasan@home-share.co.uk.
Hasan
