Stanhope has been selected to develop a 550,000 sq ft mixed-use scheme in Kent.
The property developer beat competition from St Modwen, Manchester-based modus, Places for People Homes and Capital & Counties for the 6.65-acre Elwick Road site in Ashford.
Stanhope will now form a public-private partnership with the South East England Development Agency (SEEDA) to develop a £150m scheme at the site.
Discussion under way
‘Following presentations from a shortlist of developers and further consultations with its partners, SEEDA has commenced legal discussions with Stanhope with the intention of moving them into the position of preferred developer,’ said a SEEDA spokeswoman.
‘As with any development of this scale further discussions are required to enable a development agreement to be formalised. We will formally announce the selected partner once this process has been completed.’
Proposed £150m scheme
The £150m scheme will provide a mixture of offices, shops, homes and leisure facilities at the site of the former Channel Tunnel Rail Link depot and the old Cattle market, which SEEDA bought in May last year.
Stanhope will partner with SEEDA on designing, financing and developing the scheme.
Commercial hub
SEEDA is currently trying to reinvent Ashford as a commercial hub with a high speed train, which will take 37 minutes to go from Ashford to St Pancras station in London, due to open next year.
Jones Lang LaSalle advised SEEDA.
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