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GRE Assets buys flats on old Powergen site in Ashford for £45m

Canterbury-based developer Quinn Estates has signed a £45 million deal for 267 flats in Ashford, completing the sale of 660 homes before construction has even started.

The developer has sold the apartments, which are due to be built on the former Powergen site, to real estate investor GRE Assets, who are based in Oxford. Some of the investor’s previous ventures include apartments in Brighton Marina, Reading and Stratford.

The development in Victoria Way is on brownfield land that was last occupied by Powergen in the 1990s. It will feature one, two, and three-bedroom flats and 25 houses, alongside new public realm and a café, and gained planning permission in June. It is designed by award-winning Hythe-based architect Guy Hollaway.

Also in the scheme are another 400 apartments which have already been sold to private rented sector investor Neighbour, meaning all the homes on the development will be rented out.

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 and could see the “growth story in Ashford”.

“It’s pretty compelling, he said, “They get to buy some really high-quality apartments overlooking a park and near the international train station.”

Mr Quinn said: “We are over the moon. GRE are really good to work with. This will be the first of many deals we do with them. GRE wanted to work with a local company which could take the project to the next stage, which is handing over the keys for people to live there.

“A lot of pension funds will come into this market. The pound is 18% down against the dollar so what they are buying is 18% cheaper than what it was seven months ago.

“They are investing at a key point. This will help the town centre massively. They are putting economically active people in the town centre.”

It is expected the first phases of the apartments will be complete within the next two years.

 

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