by business editor Trevor Sturgess

Chatham Historic Dockyard supports more than 500 jobs and injects at least £16m a year into the local economy, according to a new study.

It shows that since 1984, when the Dockyard closed with devastating results for jobs and the Medway economy, it has received grants worth more than £50m. These have helped the Dockyard develop a wide range of uses, including 112 homes (estimated market value £34m), 100 businesses, a university campus for 350 students, a museum, visitor attraction and events venue attracting 160,000 people a month.

Chatham Historic Dockyard Trust has aimed to combine charitable activities with education, preservation of unique buildings, and regeneration of a once rundown 80-acre riverfront site now with the prospect of World Heritage status.

The study found that in 2010-2011, the dockyard had an economic impact of some £18m, with a further 78 jobs and £206,000 of spending in Medway, and 52 jobs and £901,000 of spending in the rest of Kent.

The dockyard is seen as a hub for creative businesses in Medway which view the location as a prestigious address.

The study also reveals that a further 460 jobs will be created as more buildings are brought back into use, and 300 more through other ventures, including the opening of the Command of the Oceans World Heritage Site Discovery Centre. Student numbers are also expected to double, boosting annual student spending in the local economy to £3.3m.

The study says the Dockyard “has a significant role to play in terms of changing perceptions about Chatham and the Medway Towns.”

Bill Ferris, Trust chief executive, said; “As a charity we are driven by our twin objectives of preservation and education but since our formation in 1984 we have also been committed to playing an active role in the regeneration of Medway, through our strategy of re-using historic buildings for productive purposes and developing a vibrant tourism destination. This study demonstrates that this strategy is now making substantial returns on the investment in this amazing place.”