Funding for Asda kickstarts Chatham scheme
by James Renoux-Wood Thu 10 April 2014, 5:24 pm
Work on a £650 million regeneration scheme at Chatham Waters is to begin, after £39.6 million was agreed for an Asda superstore at the site.
The developer, Peel, confirmed in April that Legal & General’s forward funding for the 6,800sq m store would allow it to start on the mixed-use scheme, which comprises 950 homes, 40,000sq m of offices and a hotel.
Phase one of the project will see the completion of the Asda and a petrol filling station. Highway maintenance, landscaping and public realm improvement work will also take place.
Peel will also begin developing a £10 million University Technical College at the site, which Medway Council recently granted planning permission for.
James Whittaker, development director at Peel, said: “We are pleased to welcome Asda as the very first occupier at Chatham Waters at a key area of the site fronting Pier Road.
"Their 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."
Asda will take a 25 year lease once the store is completed. It is scheduled to open in autumn 2015.