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Work could begin on the controversial Perry Court development later this year.
Henry Davidson Developments (HDD), a company based in the Midlands, announced it has exchanged contracts to purchase three plots of land on which it plans to build a supermarket, a hotel and a care home.
The site, at Ashford Road between the A2 and M2, is next to a residential development of 310 new homes that are being built by Barratt Homes.
The two projects make up the Perry Court development and, subject to achieving planning consent, HDD aim to start construction in the last three months of this year.
Barratt are due to start building the first of the new homes in mid 2018.
The supermarket will be 20,000 sq ft, while the care home is described as “luxury” with a capacity of 66 beds.
The hotel will have 80 beds. Developers say that there has been confirmed interest from a supermarket operator for the site, but that it was too early to reveal names.
Work on the commercial side of the development is due to be completed with 12 months of starting.
Outline planning consent was given to Perry Court in March 2017, despite long-standing concerns from residents around road congestion, the loss of high-quality agricultural land and pressures on infrastructure in Faversham, such as schools and health services.
HDD intends to submit a more detailed planning application for the £14.7 million development before it starts work on the site.
Brian Tovey, 75, who lives in Brogdale Road, said: “The reason we have always campaigned against Perry Court is that we genuinely believe is it is the worst place for development within Faversham, because of the impact it will have on all the roads that come into the town.
“What I would like to see, and not from a Nimby position at all, but really for the sake of some reduction in traffic, is for the link onto Brogdale Road not to happen.
“I cannot see how, with all the traffic that is going to be generated by hundreds of houses, having a roundabout or traffic lights will bring any improvement.
“Nothing I have seen in the plans will bring any significant improvements to all the extra traffic that will be piling out of Perry Court. It needs a complete rethink.”
Developers say that dozens of jobs for local people will be created during construction and in the new businesses.
HDD project director Kevin Foster said: “We are very pleased to announce that we have exchanged contracts to acquire these three plots of land from Hallam Land Management and FK Kemsley & Sons and we are looking forward to delivering important new facilities for the people of Faversham and the surrounding area.
“We are in the process of agreeing pre-lets with three highly-respected companies who will provide a hotel, supermarket and care home, which will give this historic market town an enormous boost alongside the new homes being built nearby.
“Subject to planning consent, we look forward to starting on site towards the end of the year.”