CHATHAM – DOCKSIDE OUTLET
In 2015 WD acquired the Dockside Outlet Centre, Chatham, part of the old Royal Navy Dockyard. Up to that point Dockside had been a relatively unknown location comprising 170,000 sqft of outlet space.
Dockside is a Grade 2 Listed cast iron building with a 15m internal height producing a fantastic venue and an increasingly attractive and desirable retail location. This huge internal height is complemented by a constantly changing retail environment created by both new retailers and existing stores refitting.
Core asset management activities combined with expansion have dramatically improved the fortunes of the centre with net rent having increased within two years of purchase by some 50%; well above business plan.
Evidence of the success of the turnaround can be seen in the construction and letting of a new 8,000 sqft unit to Peacocks, opening mid-2017. The unit being one of the best new opening stores for Peacocks in 2017.
In addition, planning consent has been obtained for key standalone 3,000 sqft restaurant externally within the car park serving the scheme and the adjacent Odeon Cinema. This is complemented by planning for a further 9,000 sqft retail store adjoining Peacocks.
Dockside is not purely about retail and is a comprehensive location situated adjacent to the Medway tunnel, giving quick and easy access (5 minutes) to the M2, Ebbsfleet and the wider South East.
To round off the long-term dynamics of the site, a children’s nursery is planned to be constructed upon the upper levels to achieve a level of occupancy significantly beyond business plan and creating a comprehensive location with a wide catchment appeal.