Funding secured for £600m Chatham Docks scheme


Funding secured for £600m Chatham Docks scheme


According to the developer, Legal & General have agreed to fund 73,000 sq ft Asda store on the southern part of the site close to Pier Road in Kent.


Upon the completion of construction, ASDA will take a new 25-year lease.


John Sisk has been appointed to deliver highway improvements, landscaping and public realm works for Phase one of the £650m Kent scheme.


Developer Peel aims to transform the 26 acre site at Chatham Docks with 950 homes, 430,000 sq ft of offices, a conference centre and hotel, along with other planned developments.


The firm will also find a suitable site for the new £10m University Technical College, for the construction of which Medway Council has already acquired funding.


James Whittaker, development director at Peel, said: “ASDA’s confirmation enables us to start work on the road improvements and landscaping in this phase breathing new life into a significant area of the dockland.


Chatham Waters is a wholly privately funded development with Peel investing £25m in Phase 1 alone and it is hoped it will give the region a real economic boost.”


Adam Kerr, Head of long income transactions at Legal & General Property, said: “We are delighted to be providing the catalyst to this major regeneration scheme which will we believe will transform the local area, offering significant benefits both in terms of job opportunities and social amenities.”


The developer is being advised on the scheme’s various details by a number of engineering firms such as Planit ie, Traffic Transport & Highway Consultancy, Aedas, Mott McDonald and 5 Plus Architects.


Photo Source: Construction Enquirer