£45m deal as flats snapped up
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.