£45m deal as flats snapped up

Kentish Gazette Canterbury & District - East Kent Property - - HOMESNEWS -

A de­vel­oper has signed a £45 mil­lion deal for 267 flats, com­plet­ing the sale of 660 homes be­fore a brick has been laid.

Can­ter­bury-based Quinn Es­tates has sold the apart­ments, set to be built on the for­mer Pow­ergen site in Ash­ford, to Saudi-backed real es­tate in­vestor GRE As­sets, based in Ox­ford.

It gained plan­ning per­mis­sion for the de­vel­op­ment in Vic­to­ria Way, in June, de­signed by Hythe-based ar­chi­tect Guy Holl­away.

It will fea­ture one, two, and three­bed­room flats and 25 houses.

The brown­field land has been derelict for years and was last oc­cu­pied by Pow­ergen in the 1990s.

The other 400 apart­ments in the scheme have al­ready been sold to a pri­vate rented sec­tor in­vestor.

GRE’s pre­vi­ous in­vest­ments in­clude apart­ments in Brighton Ma­rina, Strat­ford and Read­ing.

Quinn Es­tates man­ag­ing di­rec­tor Mark Quinn de­scribed it as “one of the big­gest deals in Kent this year”.

He said GRE had been at­tracted by Ash­ford’s 37-minute jour­ney time to cen­tral Lon­don.

“It’s pretty com­pelling. They get to buy some re­ally high­qual­ity apart­ments over­look­ing a park and near the in­ter­na­tional sta­tion.”

The first apart­ments will be com­plete within the next two years.

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