The Pentagon Centre in Chatham has been bought for more than £90m this week.
BHL, a joint venture between Dublin-based wealth management specialists Davy Private Clients and property developer Duignan and McCarthy, has paid more than £90m for the 330,000 sq ft (30,657 sq m) shopping centre from Dunedin Property.
The Pentagon Centre, which is in the centre of Chatham, is anchored by Sainsbury’s and Wilkinson and its redevelopment is fundamental to Medway Council’s vision for the regeneration of the surrounding area.
BHL is working on plans to extend and redevelop the Pentagon Centre and has begun discussions with Medway Council with a view to obtaining the necessary planning consent to redevelop the Centre. A development brief supporting a major extension was adopted by Medway Council in September 2006.
Eamonn Duignan, director of BHL, said: ‘We look forward to working alongside Medway Council and Medway Renaissance, as well the centre’s tenants and local public, on plans for its redevelopment.’