Hello Medway Property Investors,
You will be aware that the local Medway property market is experiencing a period of growth and, particularly for investors, presents a very attractive proposition. With over 11% property price growth over the past year, it’s no wonder there are some exciting developments starting to take place.
I have previously written about the redevelopment plans for nearby Mountbatten House and Pentagon Shopping Centre. These are significant schemes and local investors will certainly be interested to read about the newly released proposals to redevelop the disused Trafalgar Centre and multi-storey car park in the town centre.
This is a huge development that will radically change the face of the town for the better.
The proposal includes a plan for demolition of the large site, replacing with 200 flats, a co-working office along with creative space for artists. The developer behind the proposals is Terance Butler Holdings who have purchased both the empty shopping centre and NCP car park.
The scheme will include some other key elements such as:
- A range of 1 and 2-bedroom apartments for 1 to 4 persons
- A courtyard space with pedestrian link to the high street
- Landscape improvements
- On-site renewable energy generation
- Electric vehicle charging points
- 175 Car parking spaces retained from the current 261
Initial visualisations from the developer serve to outline how significant this scheme is:
A formal planning application has not yet been submitted and the scheme has just moved to the public consultation stage. Whilst I am sure there will be some objections such as the additional strain it will put on local services, I anticipate that the scheme will be broadly welcomed.
The question I have is whether these large schemes will ever be built and realised, rather than simply then sold on as planning gain.
Certainly, Terance Butler Holdings appears to have a good track record of developing sites such as the Artisan Quarter in Maidstone, Medway Gate, and Colonial Wharf, however, a quick bit of research suggests that 40% of houses with planning permission never get built!
If we look back at the history of this site, it was earmarked for redevelopment into high-quality boutique shops in 2010 however plans never materialised. Arguably the proposals to develop into housing are much stronger so definitely carries more weight!
I’d be keen to hear your thoughts on this development! I always find that ongoing significant investment in housing is a strong sign of future potential along with demand, and this is yet another demonstration of this.
I think that the Medway market could soar in the next decade and my advice to investors is to make their move sooner rather than later. I will be interested to see more details of the scheme as it passes through planning and it will be interesting to see what (if much) changes from the original proposals!
Are you looking to expand your portfolio into Medway or thinking about making your first investment? I regularly provide information and guidance to new and experienced investors, so just get in touch via LinkedIn and I’ll be in touch.