Council takes on shopping centre lease
Wed 19 June 2019, 4:02 pm
Medway Council has taken over the lease of a high street shopping centre in Chatham to create income for the town’s regeneration and services in the region.
The unitary authority took over the lease of the Pentagon Shopping Centre for £34.8million in April, after its Full Council agreed to the plan in February.
Up to £45million was added to the Capital Programme to allow for the acquisition of the centre’s head leases, fees and additional enabling works.
The aim is to provide Medway Council with the chance to generate an annual income of £1million to be used to support council finances and services for residents, as well as contribute to the ongoing regeneration plans for Chatham.
Chatham town centre had major improvement works recently, achieved by £4million from the Government’s Local Growth Fund through the South East Local Enterprise Partnership.
Perry Holmes, chief legal officer at Medway Council, said: “This is an exciting time for Medway with lots of investment projects underway to help improve the area for our residents.
“The acquisition of the Pentagon Centre complements the improvement works which have already taken place in Chatham town centre as part of Medway’s monumental 20-year regeneration programme.
“Medway is an innovative council and we are continuing to demonstrate that we are committed to shaping the future of our town centres to further boost the local economy and provide more opportunities for our residents.”
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