You may recall that, back in December 2021 I wrote about proposed plans for the site of the Trafalgar Centre in Chatham town centre. The plans revealed a significant scheme of flats, complete with a co-working office along with creative space for artists.
The developer, Terence Butler Holdings’ original plans interestingly included an eleven-storey tower block and 200 flats, however the number of flats have since been downgraded to just 175.
It may be this reduction in the number of flats that led to a viability study concluding that it was not possible to deliver affordable housing within the scheme, meaning the developer will pay a sum of £500,000 in Section 106 contributions instead.
This sum includes funds for doctors surgeries, and improvements for transport and green spaces, including at The Paddock and Chatham Waterfront. It’s relatively common for developers to make these type of payment, however given the makeup of Chatham’s population it’s an interesting route and one that has come in for significant criticism! So, what new do we know about the scheme? Quite a lot actually. The first thing to note is a summary of the various blocks and sizes of space which were outlined on the developer’s member proposal. I’ve pasted a snip here and you will note how the number od dwellings explicitly outlined is 163, however variation as a mix up to 175 will be included on the final development.
There’s a new illustration of the development that has a cut down tower from the eleven storeys and a name has snuck in. It looks like the development will be called the Trafalgar Village.
Revised Illustration For The Development
The final point that has come across as an interesting one is that how one of the news outlets interviewed several local residents and the general consensus is how the town needs more housing, not more shops.
However, the point about affordable housing is certainly a sore one and with the price of apartments in nearby Chatham Waters being a concern it will be interesting to see how the Trafalgar Village compares!
For local investors, this is another positive sign of future potential. Chatham rental rates have rocketed and ME4 has the strongest rental yields when it comes to ME postcodes. It will be interesting to see where the Chatham market is by 2030; my thoughts are that it will be extremely strong and now really is the time to invest!
If you are thinking of investing within the Medway towns, either as a single let or HMO landlord then I’d be more than happy to answer any questions you may have. Just reply to this email and I’ll book in some time to chat!