The £90m-plus GDV scheme will be developed by Kings Crescent Homes over two phases.
Planning has been secured and the site has been cleared, which means that construction is able to start immediately.
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The first phase will see the development of 143 units and some commercial amenity, with a GDV of over £35m.
The second stage will include a further 257 flats, at a GDV of over £55m.
“We’re very pleased to see a development on this site moving forward and to kick off a new partnership with Homes England and Kings Crescent Homes,” said Rod Lockhart, CEO at LendInvest.
“The project will deliver much needed new homes in a key strategic South East location.”
Stuart Dawkins, head of development finance at Homes England, added: “Homes England are delighted to be supporting a burgeoning SME developer delivering their first scheme to the Ashford market.
“Although a challenging project, it will deliver 400 high quality homes in an area of high growth but low affordability and will allow Kings Crescent Homes to establish their platform.”
The units will range from one to three bedrooms, with the project anticipated to reach practical completion in 2023.
Nick Harvey Jones, Co-CEO at Kings Crescent Homes, commented: “We’re extremely excited to develop this well-located and attractively designed scheme, with phase one to be named The Triangle, in Central Ashford, alongside our funding partners LendInvest and Homes England.
“For a very affordable price point, this development will offer premium spec units with views of the neighbouring Victoria Park and River Stour, in one of the UK’s fastest growing towns which benefits from high speed rail connections which can get you to Central London in circa 30 minutes.”