LendInvest partners with Homes England to finance new 400 homes
LendInvest, the UK’s leading platform for property finance, has partnered with Homes England to finance the development of 400 affordably priced apartments in Ashford, Kent. The scheme is to be developed by Kings Crescent Homes and has an expected GDV across two phases of over £90m.
With planning already in place and a cleared site, construction is able to start immediately to bring into use a key development with the project to be split into two phases.
Phase 1 will see the development of 143 units and some commercial amenity, with a GDV of over £35m. Phase 2 will include the development of a further 257 flats, at a GDV of over £55m.
The units for this residential development will range from one to three bedrooms providing much needed affordable units, just 5 minutes walk to Ashford’s International Train Station, which is only 30 minutes to Central London and less than 2 hours to Paris
The project is anticipated to reach practical completion in 2023.
Rod Lockhart, chief executive officer at LendInvest, commented: “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, added: “We’re extremely excited to develop this well-located and attractively designed scheme, with phase 1 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.”