LendInvest, the London based buy to let finance and bridging finance platform, is financing the development of affordably priced homes in Kent, alongside Homes England. The £90m-plus GDV scheme will be developed by Kings Crescent Homes, to build 400 apartments in Ashford.
The homes will range from one to three bedrooms and are a short walk from the train station, with London just a thirty minute ride away.
Construction is expected to start imminently, as the site is ready and planning has already been secured. Completion is due in 2023. The development will take place over two phases, with 143 units and some commercial amenity in the first stage and an additional 257 flats in the second stage.
Rod Lockhart, CEO at LendInvest, said: “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,”
“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.”
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.”
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Lendinvest recently promoted Jan Gallagher, previously business development manager, to key account manager.