In June 2018, we sold the 10-acre site at Church Road, Ashford to A2 Dominion for £29.7m and simultaneously signed a construction contract for £65.1m after receiving planning permission for 357 homes (including 32 affordable units) and 6,700 sqft of commercial space.
The archway from the original building will be retained and form part of a 1,000 m2 pocket park.
As part of the deal we also retain the commercial space. In March 2018 we bought our joint venture partner's 80% interest in the project.
The site was originally part of Brooklands College and the archway from the original building will be retained and will form part of a 1,000m2 pocket park. The site will also contain one hectare of open space including park and play areas which along with the pocket park will be open to the public.
The development will benefit from solar lights throughout the site and the parking will contain electric vehicle charging points. Our SUDS strategy ensures that there is zero rainwater run-off from the site.
We have already relocated a gym that operated on the property and new premises will be built on-site for the Hair and Beauty Academy which also existed on the site previously.
Preparatory work on the site has been completed and construction commenced in July 2018. The build programme is split into five phases which will complete between 2020 and 2023.
This transaction is our largest partnership deal to date and demonstrates our flexible and innovative approach to land transactions as well as the skills of our experienced team.
Five phases of build
1. 73 units
2. 32 units
3. 145 units
4. 81 units
5. 26 units
Archway retained in pocket park
One-hectare park available for public use