Medway Council close to acquiring Pentagon shopping centre in Chatham
Medway’s Full Council has agreed to acquire the Pentagon Centre, as well as other nearby freehold properties, and up to £45m 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 £1m that can be ploughed back to support council finances and services for local residents.
The 388,500-sq ft centre, currently owned by Bridges Fund Management and Ellandi, is anchored by Boots, New Look, Poundland, Sainsbury’s Superdrug and Wilko.
Leader of Medway Council, Cllr 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.
“We pride ourselves on being an innovative council and I believe this decision now gives us an opportunity to create a blue print for our thriving town. It will also help us to shape, invest in and improve what’s on offer in Chatham, be it for retail, leisure, business or residential. We are committed to making sustainable improvements which bring significant benefits to our residents.”
Picture credit: Danny Robinson