Issue - meetings

Medway Development Company Ltd - Private Rented Sector Proposal

 

 

Meeting: 26/07/2022 - Cabinet (Item 7)

7 Medway Development Company Ltd - Private Rented Sector Proposal pdf icon PDF 146 KB

Minutes:

Background:

 

This report recommended the Cabinet to agree that one of the five apartment buildings at the Chatham Waterfront scheme should be retained by the company to provide homes for rent to customers in the private market.

 

Works were progressing on the Chatham Waterfront site which would include 182 new homes, new commercial spaces for cafes, restaurants and offices alongside a new public realm to create a vibrant centre for Chatham. The report explained that there were market changes and strong private rented sector (PRS) growth due to the high purchase cost, coupled with a requirement for large deposits. Therefore, it was proposed for Block C (71 apartments) at the Chatham Waterfront scheme be used as PRS.

 

The financial overview was provided in the Chatham Waterfront PRS Business Case which was set out in an exempt appendix.

 

Decision

number:

 

Decision:

 

96/2022

The Cabinet agreed that Block C should be converted to a Private Rental Sector (PRS) scheme as set out in the Chatham Waterfront PRS Business Case attached at Exempt Appendix 1.

 

 

Reasons:

 

To continue the regeneration of Chatham with the provision of high-quality PRS accommodation, which responds to changing market demand, but will also generate long term revenue streams for the Shareholder.