Council to take over shopping centre lease
Wed 6 March 2019, 2:58 pm
Medway Council is set to take over the lease of the Pentagon Centre in Chatham town centre.
On Thursday 21 February, Medway’s full council considered recommendations to acquire the Pentagon Shopping Centre in the town centre, with a view that it would provide an opportunity to contribute to the ongoing regeneration of Chatham.
Medway Council has also agreed to acquire other included freehold properties, and up to £45 million will be added to the capital programme to allow for the acquisition of the Pentagon Centre’s head leases, the fees and additional enabling works. This decision is anticipated to provide the council with the opportunity to generate an annual income of £1 million that can be put back to support council finances and services for local residents.
Leader of Medway Council, Concillor Alan Jarrett, said: "This presents a really exciting opportunity to bring forward more major improvements in what is expected to become Medway’s leading waterfront university city centre. Chatham has a rich naval heritage, with the historic dockyard attracting millions of visitors each year, and this investment is planned to further support our existing regeneration programme for the town."