Medway Council announce acquisition of Chatham's Pentagon Shopping Centre
16:06, 26 April 2019
updated: 17:05, 26 April 2019
Medway Council has acquired Chatham's Pentagon Shopping Centre as part of a multi-million pound deal.
It was agreed in February the council would acquire the shopping centre in the High Street.
The Pentagon's lease has been taken over for £34.8 million.
In February, it was announced that the council could spend up to £45 million on the deal.
The council estimates through the acquisition, they could benefit for an annual income of £1 million, which they say will be used to support council finances and services.
The deal comes as part of an ongoing scheme to regenerate Chatham town centre.
The council have invested £4 million from the Government's Local Growth Fund to carry out improvements in the area.
In February, the council also received over £259,000 to make improvements to the town centre.
It is hoped the regeneration will contribute to the council's plans to convert Chatham into Medway’s leading waterfront university city centre by 2035.
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.
"Medway is already a fantastic place to live, work, learn and visit, and the area’s regeneration programme will further improve this.”
