Hello Medway Property Investors,
I have found myself speaking with several local investors this week who are all extremely upbeat about the positive signs of significant future potential the Medway towns have.
I thought that I would take this opportunity to give you an update about another exciting (yet somewhat controversial) development and this is the old St Bartholomew’s Hospital in Rochester.
The site is just off New Road, right by the University for the Creative Arts and it is one of the UK’s oldest hospitals; having originally been founded in 1078 for the care of the poor and lepers. It finally closed its doors in 2016 and it is this history that has made the planning process somewhat controversial.
Planning was granted to developer Aspenisle Ltd, for 155 houses and apartments with 86 parking spaces in April 2020 under the scheme with a total cost of £1.4m. Building works commenced in March and is due to be completed over the next three years.
Certainly, the scheme looks impressive (picture below), however, there are some interesting comments about how it will be achieved within the budget set as a £1.5m budget to develop 155 units gives a total spend of about £9k per unit! I am kind of wondering whether someone has maybe got their maths wrong!
Regardless of this, the development is certainly going to be a big improvement on the currently derelict site and will almost certainly contribute to an increase in prices for the surrounding area such as Ordnance Street, Boundary Road and Albany Terrace.
It was the historicity of the site which was cause for a controversial planning process, with the application delayed multiple times and the successful application retaining the main hospital building within the design.
I understand that the final development will be marketed at young professionals and think that this certainly says something about the growing demographic of the Medway towns. This development, in particular, is just an eight-minute walk from Chatham station which is, in turn, about a 45-minute train journey to central London.
Whilst we will have undoubtedly read the headlines about a drop in house prices, I think that this development is yet another positive sign for Medway investors as the market continues to show excellent potential!
Are you thinking about investing in property or expanding your portfolio? If so, I would be more than happy to book an initial consultation to answer any questions you may have. The best way to reach me is through LinkedIn.