Those intrepid investigators over at The Political Medway had the scoop last night that Medway Council are set to purchase the Pentagon Centre for up to £45 million.
The Council already own the freehold to the Pentagon Centre, that is they own the land the Pentagon Centre sits on, but it is leased to Chatham LLP, who own and manage the Pentagon Centre itself. A partnership between Bridges Ventures (a property fund manager) and Ellandi (who own a number of shopping centres in the UK), Chatham LLP also own the freehold to 205-209a and 181a-189 High Street, shops which stand at either side of the High Street entrance to the Pentagon. It is the head lease to the Pentagon and these adjoining properties Medway Council is proposing to acquire.
The devil in these kinds of acquisitions is, as they say, in the detail. And while the public have been made aware of the proposed purchase and the budget to be set aside via an agenda item for next week’s council meeting, as the capital purchase must be approved by full council, the public report barely covers four sides of A4.