Medway Development Company is a housing and regeneration company owned by Medway Council in Kent, England. It was established in 2017 to deliver residential developments on council-owned land, supporting local regeneration initiatives and housing targets.
The offices for Medway Development Company at Riverside One, Chatham
Medway Development Company was incorporated on 24 October 2017 following approval by Medway Council's Cabinet in July 2017.[1] The council authorized the creation of a wholly owned housing company to develop council-owned land on a commercial basis, aiming to meet long-term housing objectives and generate financial returns for reinvestment. An initial borrowing facility of up to £120 million was approved to fund the company's first five-year program.[2]
Governance
Medway Council is the sole shareholder of Medway Development Company. Governance is exercised through a Cabinet sub-committee acting as the shareholder board.[3] The company's board comprises both council-appointed directors and independent non-executive directors.[4]
Operations
MDC's business model involves acquiring and developing land, primarily from the council, for residential schemes, then selling or renting the homes. The council provides funding through loans or land equity, with MDC repaying loans from sales receipts or rental income.[2]
In November 2020, two subsidiaries were established:
Medway Development Company (Land and Projects) Ltd: Holds and acquires development sites.
Medway Development Company (PRS) Ltd: Manages private rented sector initiatives.
A redevelopment project in Chatham town centre, comprising 175 new apartments, along with commercial spaces and public realm improvements. Planning permission was granted in March 2019, and construction began in 2021.[5]
Garrison Point (Whiffens Avenue)
A residential development of 115 one- and two-bedroom apartments on the former Whiffens Avenue car park. Construction started in 2020, with completion reported in 2023.[6]
Britton Farm, Gillingham
A project involving the construction of 44 affordable homes in the old loading bay at Britton Farm, along with public realm improvements. Planning permission was granted in March 2019.[7]
Mountbatten House, Chatham
Conversion of a 12-storey office tower into 164 apartments, with an additional rooftop extension and ground-floor commercial spaces. Planning permission was granted in April 2021.[8]
Strood Waterfront
A proposed 185-home riverside development on the former Strood Civic Centre site, including a café and waterfront bar. Plans were unveiled in January 2024.[9]
Financial performance
As of March 2024, outstanding loans from the council to MDC stood at £87.314 million, up from £34.516 million the previous year. The majority of this (£75.3 million) finances homes for sale, with a smaller portion funding units held for long-term rental.[2]
MDC does not pay external dividends to the council; returns comprise interest on loans and surpluses from capital receipts. Each development scheme undergoes viability reviews before funding is released, and all loan draws require council approval.[2]
Reception and controversies
In October 2022, MDC requested a reduction of £575,000 in planned infrastructure contributions for the Garrison Point scheme, citing increased costs and changes in site mix. This move attracted criticism from local councillors and media outlets.[10]
↑ "Wayback Machine". democracy.medway.gov.uk. Archived from the original on 5 May 2025. Retrieved 3 November 2025. MDC was incorporated on 24 October 2017 and Councillor Howard Doe, Deputy Leader and Councillor Adrian Gulvin, Portfolio Holder for Resources were appointed as directors. Councillor Doe has been appointed as the Chairman. Additional non-executive directors Jonathan Sadler and Barbara Richardson have been recruited externally and have been formally appointed to the MDC Board.
↑ "Wayback Machine". democracy.medway.gov.uk. Archived from the original on 3 November 2025. Retrieved 3 November 2025. Medway Council is the sole shareholder of Medway Development Company (Private Rented Sector; PRS) Limited with that role being undertaken by Cabinet.
↑ "Wayback Machine"(PDF). oceanedge.biz. Archived from the original(PDF) on 3 November 2025. Retrieved 3 November 2025. The Medway Development Company is overseen by a Board which comprises of two Council appointed Directors and two non-executive Directors. The Board meet regularly to oversee the progress of projects in line with the company's Business Plan. The Board report to the Cabinet of Medway Council and provide an update every six months.
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