£650m development scheme in Kent starts with ASDA forward funding

Work on a new £650m development scheme in Kent is now ready to start following the provision of forward funding for a 73,300 sq ft Asda superstore at Chatham Docks, a news report in the local business media can reveal.

The new scheme in Kent is expected to create 3,500 jobs and boost the regional economy and will receive £39.6m from Legal & General to fund the development over the construction period.

Once completed, Asda will sign a 25-year lease, with the superstore expecting it to open in autumn 2015. Peel’s wider mixed-use dockside regeneration project includes 950 residential units, 430,000 sq ft of offices and a hotel. Forming the first phase of Chatham Waters, the new Asda food retail superstore and petrol filling station will create 450 permanent jobs.

The developer managed to successfully secure planning permission for the first phase of its Kent development in September 2013, three months after it had been rejected by Medway Council.

James Whittaker, development director at Peel, said the company was pleased to welcome Asda as the first occupier at Chatham Waters.

"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," he said.

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