Medway Council is pausing development activity at Innovation Park Medway while it explores the best options for the park’s future.
Earlier this week, the council’s cabinet decided to launch a “thorough review” of proposals for the 18-hectare site, which is located next to Rochester Airport, due to rising construction costs and high interest rates.
Simon Curry, Medway Council’s portfolio holder for climate change and strategic regeneration, said: “It is vital we find the best option for a sustainable future at Innovation Park Medway, and pausing current development will allow us to do that. We will continue to work with key partners including local businesses and our universities to ensure we find the right way forward for the future development of both sites.”
Lauren Edwards, Medway Council’s portfolio holder for economic and social regeneration and inward investment, added: “Medway Council remains committed to driving economic growth and creating more high value jobs for local people. We are immensely proud that we have more than 14,000 businesses in Medway, which are the lifeblood of a local economy now worth £5.9bn.
“This pause to allow us to consider our options for Innovation Park Medway in the current market environment is both sensible and prudent. We don’t want to continue to expend money on a project when the original business case no longer holds up. Instead, we will look at new ways to make the site a success, supporting local businesses to grow, working with our fantastic local colleges and universities, and attracting new businesses to Medway.”
