Developers are on the hunt for financial backers for £150 million plans to build 1,000 homes over the next 10 years on a former dockyard.

Peel Land and Property is looking investors and construction partners to help it build the scheme on Chatham Waters.

The 26-acre site has already become home to the new Medway University Technical College and a new Asda superstore.

The heavy industrial site is set to be transformed under Peel’s £650 million development plans, which will create 3,500 jobs, and also include 950 homes, 430,000 sq ft of offices and a hotel.

Peel’s director of residential development Neil Baumber said: “The strategic waters sites give us a fantastic portfolio of locations to develop exciting new residential dwellings.

“This is all about regenerating urban areas, where there is a shortage of housing, into attractive waterfront locations where young professionals, families, downsizers and key workers can live.

“These units will be a mixture of tenure from institutional and individual PRS to open market sale.”

Chatham Waters is part of a number of regeneration projects Peel is carrying out on brownfield land at docklands, canals and river banks around the country, backed by private investment.

Its Asda store was built after Peel persuaded financial services company Legal & General to stump up £39.6 million.

The 73,000 sq ft supermarket – the 600th carrying the Asda brand – opened last September creating 450 jobs.

Medway UTC welcomed its first 200 students in September and was officially opened by the Duke of York earlier this month.

It is expected the 1,000 homes plans will be funded through a private rented sector (PRS) deal, whereby the homes are built with funds supplied by institutional investors, who then reap the benefits from letting the properties.

Peel Land and Property owns 12.9 million sq ft of property and 15,000 hectares of land and water across the UK.

Development director James Whittaker added: “From the start of the recession in 2008, Peel have been undeterred in its investment of our strategic waters sites, securing planning permission in readiness for the return of the residential market.

“Now with financial institutions focused on investing in this sector it will enable Peel to fast track the development programme on our consented residential and mixed used sites.

“Peel has already built up a number of successful residential partnerships and has also delivered its own residential stock through Peel Living.

“Scale is attractive to the larger institutions and developers and we can deliver that. The fact these schemes are by water, adds value, it’s where people can live work and socialise.”