Gravesend's investment windfall

£15 million pledged to create new stores, restaurants and a cinema in Gravesend town centre.

Residents in Gravesend are set for a brand new retail experience, thanks to a multi million pound investment. The Reef Group is set to revitalise the St George's Shopping Centre to the tune of £15 million, as part of a wider initiative to develop the Western and Eastern Quarters of the town centre.

Artists impressions indicate Gravesend may be in line for a cinema, four new restaurants, fresh High Street stores and an improved public realmthat will form a new 'leisure quarter' in front of St George's Church. The developer hopes the initial retail plans will be complete by 2021, with the wider regeneration of Gravesend expected by 2023.

The promise of new retail facilities comes in the same month as Lloyds Bank released its latest report on the relationship between supermarkets and house prices. The bank claims living near a supermarket adds an average price premium of £21,500 to a property, with the well documented 'Waitrose effect' spreading to include M&S and even budget supermarkets.

Living near a branch of Waitrose still adds the most value to a property - worth an extra £43,571 - followed by M&S (£40,135) and Sainsburys (£32,707). The other supermarkets add the following value:  Tesco (£21,369); Co Op (£21,020); Iceland (£17,445); Morrisons (£11,346); Lidl (£5,411), Aldi (2,301) and Asda (£1,487). The research found smaller local stores, like a Little Waitrose, Sainsbury's Local or Tesco Extra, attract a higher average premium of £58,109, compared with a larger superstore (11%, or £30,580). The good news for Gravesend home owners is the town already boasts almost every supermarket on the list, including a Sainsburys, Asda, Morrisons, Tesco, Aldi, Iceland and Co Op.

If you would like to discover and capitalise on the current value of your property - whether you live in Gravesend, the wider Medway, Swale, North Kent or SE London - your local branch is only too pleased to help with a free valuation. Our friendly, local advice is available in person seven days a week, and our 'no sale, no fee' service ensures we're motivated to sell your home right up until the keys are handed over to the new owner.

* Image supplied is for indicative purposes only

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