Fast trains and big investment opportunities

As Ashford prepares to mark the first anniversary of domestic high-speed train services that link the town to London in just 37 minutes, further evidence has emerged of the huge impact the service has had on the town.

A perception survey carried out by investment promotion agency Locate in Kent has shown that of the 64 percent of respondents who were aware of the high-speed rail link from St.Pancras to Ashford, nearly 90 percent thought this made Ashford a more attractive location for businesses to locate to.

Locate’s Chief Executive, Paul Wookey said: “The high-speed rail service is one of Kent’s unique selling points and it positions Ashford as a prime location to access London and European markets. More companies are waking up to the business benefits of locating to Ashford – we have a pipeline of 66 companies with potential projects looking at the area, which have the capacity to create 3,000 jobs. The majority of the projects are from UK-owned companies but there is interest from organisations owned by countries including France, Germany, China, the Netherlands and Iceland.”

Around two million sq ft of planned commercial development is at the heart of the £2.5bn development programme for Ashford, where investment opportunities have already attracted some eminent names in the commercial property sector.

Around £54m of public funding is being invested in six major schemes over the next year and the securing of this financing is a fantastic boost to Ashford’s growth plans at a time where cuts are commonplace in public spending.

Judith Armitt, Managing Director of Ashford’s Future, said the Government-designated growth area is now the fastest growing town between London and the Continent. It is set to double in size by 2031, creating 28,000 extra jobs and 31,000 homes.

“There is a real sense of energy and optimism here. Contracts have been let and work is progressing on the ground on key projects. There is huge momentum behind our development and even during these testing times, we are confident of securing a bright future for Ashford.”

Ashford’s prime location has proved a valuable asset to its initial success, as economic development Manager Andrew Osborne explains: “We have excellent road, rail, air and sea links providing businesses with access to 360 million consumers across Europe. We are perfectly positioned to give business a powerful edge and I believe that we offer one of the best investment opportunities in the UK. Ashford is one of Kent’s business hotspots with its variety of quality commercial properties and sites making it an attractive location for potential investors.”

Major developments
- Elwick Place – Over the next 12 months Stanhope plc will begin implementing its blueprint for Elwick Place, a 6.65 acre vacant brownfield site in a town centre location opposite the award-winning shared space traffic scheme and the County Square shopping centre, which benefited from a £65m extension in 2008.

Elwick Place is the centerpiece scheme for Ashford’s town centre regeneration. Extensive public consultation will lead to a detailed planning application, with work expected to begin by 2012.

The phased development will see the site transformed into a mix of flats and town houses, restaurants, offices, shops and leisure outlets, creating 300 homes and 600 jobs. The first phase will focus around Elwick Square, the centre point of the shared space scheme, and include offices and leisure outlets such as restaurants and even a multi-screen cinema or hotel.

- Commercial Quarter – The Commercial Quarter is a 16 acre business district offering 54,000sqm of office development next to Ashford International station and the Stour River, with street-level retail and leisure outlets and 150 riverfront homes.

Expected to cost in the region of £100m, the area will build on Ashford’s pre-existing transport links and has the potential to become a business hub. The Commercial Quarter will be built on vacant brownfield land, offering occupiers easy access to the fast train service to London and daily Eurostar services to Paris, Brussels and Lille. A masterplan is nearing completion, after which formulative discussions will begin with potential development partners within the private sector.

- Ashford International station – A £2.5m refurbishment of the International station forecourt is about to begin to create a welcoming space for commuters, and improve cycling and pedestrian access.

Southern Expansion Quarter / Victoria Way – Ashford’s Future has commissioned consultants BBP Regeneration to prepare a Delivery Framework to help develop the Southern Expansion Quarter, which is south of the high-speed railway and close to the International station. The area includes Victoria Way, a major new road linking the station to the southern part of the town, which is funded by £16.5m of Government money. Work is currently underway and includes the delivery of around 1,300 homes, 17,850 sq m of commercial space and 10,000 sq m of leisure and office space.

- Eureka Park – Developer Quadrant Estates has recently completed the £9.6m sale of its 36,295 sq ft headquarters office building at Eureka Park to the Alhambra Group. Quadrant has also signed a new lease to let the whole of the building, known as Herald, to Smiths Medical International Ltd.

Smiths Medical International originally took 24,172 sq ft of office space to relocate its international business HQ in April 2009.

Quadrant Estates is now pressing ahead with the speculative development of Northdown II, the second phase of the Northdown offices at Eureka Park which will comprise two buildings of 15,000 and 10,000 sq ft. The new offices at Northdown II will sit alongside the 1.64 acres development site recently sold to the Act Foundation. This part of the site will form a new managed business centre facility for the Basepoint operation of 40,000 sq ft.

Tristram Gethin, Director of Quadrant Estates, said: “The sale of Herald and new letting to Smiths is fantastic for Eureka Park and reinforces the message that new Grade A office stock in Kent presents an excellent product for investors and occupiers alike. The recent infrastructure improvements in the county, a dearth of supply, and low rents compared with other parts of the South East, mean that Kent is continuing to be viewed favourably in the market.”

Eureka Place, the adjacent retail offering for Eureka Park, is also fully let with the remaining 2,800 sq ft recently let to three new retailers.

- Repton Park – Occupying the site of a former army barracks, Repton Park is a 120 acre development site located a mile north west of the town centre. There is outlined planning consent for more than 1,200 homes served by a mixed-use High Street anchored by a 26,500 sq ft Waitrose foodstore which opened a year ago. Development sites are now available for office and residential use.

Ultimately, Ashford is a vibrant town in the middle of a radical transformation. Furthermore, it is increasingly becoming a realistic and attractive opition for any business looking to relocate. “Ashford is the smart choice for business, based on the cost benefits and excellent communication links, Judith Armitt said. “Ashford is the county’s powerhouse economy and the latest figures from Locate in Kent show that dozens of businesses are considering the opportunities for expansion here,” she added.

For more information: Tel: 01233 330812; Email enquiries@ashfordbestplaced.co.uk