Hello Medway Property News readers,
As a local property investor, it is vital to keep abreast of new developments and I recently learned of some very positive progress for Chatham town centre as exciting plans have been unveiled for Mountbatten House – which has, for many years, been a dilapidated and run-down eyesore Previously home to Scottish Widows and its 450 employees until 2000, it has been sitting vacant for the majority of this millennium!
The new plans include a total redevelopment of the site into a 12-storey building to include 164 apartments with balconies and parking spaces (it isn’t clear whether there will be one parking space per apartment and I do think that would be ambitious), a rooftop dining space, public plaza along with new entrance to the Pentagon Shopping Centre.
There is also a planned connection to the site from the Brook Theatre with a ground level plaza to include restaurants, cafes, and an area for pop-up kiosks along with market stalls.
This is a significant development and very progressive for Chatham. The scheme will be overseen by Medway Council, and, therefore, I am confident that it will get proceed at a good pace.
The first step towards construction, however, will be a Compulsory Purchase Order from Mapeley Gamma, who are the current owners and a full planning application, which plans to submit this month.
Another interesting item which has come to my attention is the possibility of Medway Council considering relocating from their current offices in Gun Wharf to premises within the new development. Whilst this is currently unconfirmed, if it transpires that this is correct, it would mean the Gun Wharf area would be also ripe for redevelopment.
In addition to the redevelopment of Mountbatten House, there are also several other substantial projects being carried out nearby, including the Globe Lane car park which is being converted into 175 waterfront flats and a block of 151 apartments on Whiffens Avenue.
As people look to move further out of London, supported by the rise in home working due to COVID-19, it certainly is an exciting time to be a Medway property investor and these developments along with others nearby such as the Rochester Riverside Development are an excellent sign of significant future potential along with current demand!
With the Mountbatten House development, we will have to see how plans progress; however, I have a gut feeling that, as the site is being purchased by Medway Council, things should advance smoothly.
I will be writing a further article in the new year to update you on progress as Planning Permission is granted and construction begins, which I read is hoped to commence as early as spring 2021.
If you are considering a Medway property investment, as always, I would be happy to answer any questions you may have. The best way to contact me is via LinkedIn.