Hello Medway Property News Investors,
Medway is becoming a popular area for people looking to move out of the city and there are a lot of exciting new developments in the pipeline which I am confident will prove to be a big boost for the local property market.
It was interesting to read about how a petition was recently launched to block what has been dubbed an ‘eyesore’ block of riverside apartments at Medway Bridge Marina in Borstal.
The development appears to be called Sunningdale House and is situated right on the Marina. It is currently a caravan store, and plans reveal how it could become a block of apartments over four floors. Interestingly, plans for 36 apartments were rejected by councillors in 2016 due to concerns of over-development, so this is a new submission.
What is interesting is that an article by the Kent Messenger comments how the development consists of 40 flats with 46 parking spaces, however interestingly there are two open planning applications. One is for a development of 40 two bedroom flats and what looks like a resubmission of the proposal for 36 residential flats (32x 2 bed flats and 4 numbered x 3 bed flats).
Looking through the concerns raised in the public consultation, as well as blocking the view of some residents, the increased level of traffic has been highlighted as an objection on several of the submissions. Particularly along roads such as Warwick Crescent, where there are currently several new builds as well as Manor Lane, which borders the development.
From looking at the data from the public consultation, potential flood risk appears to be the second most common comment, however this does appear to have been thought through when looking at the distance between the development and the water as well as a small sea wall. I have pasted a summary of the concerns raised below.
The proposed masterplan below gives you an insight as to the development layout and the second image gives you an overview of the parking space allotment (which, interestingly appears to pretty much be a 1:1 ratio).
Proposed Parking Level (46 Spaces)
The development has been designed to give residents ‘enhanced views’ of the River Medway, whilst also maintaining privacy. The image below gives you an idea of what the development could look like.
So, what of other nearby developments?
It is my understanding that a planning proposal is being submitted for the redevelopment of Medway Bridge Marina which is adjacent to the proposed site. This proposal aims to redevelop the marina’s buildings including café, boat sheds and broker’s offices.
If we look out broader, there are a number of other nearby developments of note. For example, Innovation Park Medway, Mountbatten House in Chatham, Rochester Riverside and other developments such as St. Bartholomew’s Hospital in Chatham and Peters Village but to name a few highlight the significant interest in the Medway Towns.
Whilst I am not going to pass comment on the development itself, I think this is yet another example of how strong and attractive the Medway market is. There is significant demand for housing within Medway and on top of this, I have seen in some areas how prices have increased by what looks to be about 15% over the past 18 months!
So, what of the development itself? Well, the objections don’t mean planning will not ultimately be granted and a decision is yet to be made, so I will keep you update as it progresses.
If you are considering a Medway property investment, then now is a great time to begin. You can contact me via LinkedIn and I will be happy to answer any question you may have.