Kentish Express Ashford & District
Property market ‘is leading the way’
Ashford has been dubbed the “commercial powerhouse of the South East” in a new report.
The Kent Property Market Report 2016 says East Kent has become a top location for businesses to grow thanks to a number of regeneration schemes.
And Ashford is at the forefront in this with more than 1,000 homes completed last year and new commercial developments under way.
Multi-million pound business projects in the pipeline include offices at Dover Place plus a sixscreen cinema, hotel and restaurants at Elwick Place and the creation of a new brewery visitor centre, another hotel, an Aldi supermarket and hundreds of homes in Victoria Road, near the Ashford International station.
Large numbers of high-value industries, affordable business space and close proximity to Europe mean the economic outlook remains positive for the county despite the Brexit vote, said the report.
The industry guide – in its 25th year – said firms are being attracted to the east of the Garden of England by projects like the Folkestone Harbour regeneration, Discovery Park in Sandwich, the St James retail and leisure development in Dover and the £120 million Dover Western Docks redevelopment.
The report also said the housing market remains strong, with 1,000 homes to be built at Westwood near Broadstairs and outline permission for 790 at Manston Green and 550 at Eurokent near Ramsgate.
This is boosted by 750 homes earmarked for Thanington Park near Canterbury, plus at least 70 homes in Herne Bay’s central development area.
The research by Caxtons Chartered Surveyors also said the county’s commercial property market is “well-placed” to weather any uncertainty caused by Brexit.
It showed rent in the industrial and distribution sector increased nearly 7%, with greater demand from more technical sectors.
The report – also produced by Kent County Council and Locate in Kent – was unveiled at the Mercure Maidstone Great Danes Hotel last Thursday.
Ron Roser, chairman of Caxtons, said: “Kent has outstripped London with house price rises at 13% and there has been a substantial increase in prime industrial rents.
“Compared to other areas across the South East the cost of business space is still competitive, which is attractive to relocating businesses.”
Kent County Council’s economic development chief Cllr Mark Dance said: “The year ahead will undoubtedly be challenging and there remain uncertainties, particularly with major elections in the USA, France and Germany.
“But this report shows us that, with substantial planned investment and developments, Kent and Medway offers some of the most exciting economic growth prospects in the South East.”
Locate in Kent, an agency which tries to encourage firms to move to the county, helped 46 companies set up, move to or expand in Kent last year, creating 1,386 jobs and retaining 1,085.
Chief executive Paul Wookey said: “While the Brexit process is likely to cause uncertainty in the future, what this year’s Kent Property Market Report shows is that Kent and Medway has a thriving and vibrant economy, which – coupled with its connectivity to the Channel Ports, airports and London and the rest of the country – make it an attractive proposition to companies looking to set up or relocate their operations.”