A new development company set up by Ashford Borough Council now owns more than 60% of shares in the town’s ambitious film studios site.

The Newtown works project is set to transform the derelict railway facility into 7,440 sq m of filming and production space which has been linked to Netflix, Amazon and HBO.

It was solely owned by Quinn Estates but 65% is now owned by Ashford International Development Company Limited after a purchase understood to have cost several million pounds.

In January, cabinet members agreed to proposals to set up the company and potential funding arrangements so it can transform the site that has remained unused for more than 30 years.

It is also home to five listed buildings, including the longest listed railway sheds in the country.

Following several months of work between council officers and Quinn Estates, the development company was created and the land assets transferred into its ownership.

Of the three board members, two are from ABC with one representing Quinn Estates.

Bosses say the two organisations “will also share the risks and financial rewards proportionately from the development”.

Quinn Estates is working with the council, alongside potential operators for the studios, and East Kent College Group to bring forward the studio space and a new educational facility.

In October, it was announced that the project will receive a £14.7 million boost from the government’s Levelling Up Fund.

ABC submitted a bid for cash last June and was supported by the town’s MP Damian Green.

Planning permission was granted in 2020 and construction began in March.

Speaking about the council’s purchase, Mr Green now hopes progress can be made.

“I’m glad the council has done that because they, like I, want to see this project succeed and driven forward,” he said.

“We have seen with previous developments like Park Mall that the council ownership means things will start to happen.”

The plans also include an 18-storey hotel, 300 flats, commercial units, a rooftop restaurant and a 383-space multi-storey car park.

The historic clock tower close to the Newtown railway bridge will be retained.

Quinn Estates say 'detailed design' of the studio units is currently ongoing with a view to making a start 'in the near future'.