Curo Construction takes over the £65m Charter residential project in Gravesend, stepping in after Henry, the previous contractor, went under.
- The Charter project, comprising 242 apartments, was left unfinished when Henry faced financial collapse in mid-2023.
- Efforts to restart the project were hindered by conspiracy theories and misinformation on social media.
- Curo, known for its previous large-scale projects, brings expertise to ensure the completion by early 2026.
- The venture forms the first phase in Gravesend’s broader regeneration plan, aiming to revitalise the town centre.
Curo Construction has assumed control of a crucial residential scheme in Gravesend, Kent, valued at £65 million, following the financial demise of the initial contractor, Henry. This transition marks a significant development in the continued construction of the Charter project, which encompasses 242 apartment units. Originally initiated in March 2021, the project was abruptly halted in June 2023 due to Henry’s financial insolvency, leaving numerous ventures unfinished and stakeholders in a state of uncertainty.
Rumours and speculation had plagued the project during the interim period, with various unfounded claims regarding structural issues spreading across social media. These conjectures included allegations of leaning buildings and construction errors, which were firmly dispelled by Rosherville, the co-developer.
Rosherville, in collaboration with Reef Estates, emphasised the importance of overcoming industry-wide challenges to secure a competent replacement contractor. Jamie Izzard, Chairman of Rosherville, highlighted the partnership’s strategic efforts to navigate these hurdles and stressed their readiness to proceed efficiently with Curo at the helm.
Henry’s rapid expansion, characterised by a dramatic increase in turnover from £111 million in 2017 to £402 million in 2021, ultimately led to its vulnerability. The company’s approach of low-priced bidding on fixed contracts proved unsustainable, culminating in a winding-up petition by a subcontractor owed a considerable sum.
Curo’s involvement signals a renewed momentum for the Charter project. As a company founded by former McLaren director Darren Pettitt, Curo has a commendable track record, including works such as the £250 million Shinfield Studios in Reading. Their commitment to the Charter project is poised to play an integral role in the revitalisation of Gravesend town centre.
The Charter project is a pivotal component of the town’s regeneration initiative, with plans extending beyond residential development to include retail, leisure, and office spaces. John Burden, the council leader, underscored the necessity of adapting to the evolving demands of town centres in the wake of shifting retail landscapes and economic pressures.
Curo’s leadership in resuming the Charter project promises to enhance Gravesend’s future development landscape.
