Launch of Kent Property Market Report at Northdown 2, Eureka Park, Ashford

by business editor Trevor Sturgess

The county’s property market has defied a “ghastly” economic situation to do reasonably well in the past 12 months.

That’s the verdict of the latest Kent Property Market Report, launched today at Northdown 2, the latest office complex at Eureka Park, Ashford.

While retail had performed poorly, commercial property performed well compared to south east competitors. “The county is in a favourable position compared to some other parts of the country,” the report said.

Despite the disappointing withdrawal of drugs giant Pfizer from Sandwich next year, the newly named Discovery Park on the same site has won enterprise zone status and could create around 1,000 jobs by the end of 2012.

The opening of the Marlowe Theatre in Canterbury and Turner Contemporary in Margate were both positive signs.

The report says the housing market has also seen tentative signs of recovery, although a shortage of mortgage finance was making it hard for first-time buyers. Kent County Council is working with Lloyds TSB Bank to devise a guarantee scheme to help them get onto the housing ladder.

KCC leader Paul Carter, a property developer in London, said: “Things out there are pretty ghastly,” but added that it was important to “promote the unique set of circumstances we have.” High speed trains and other advantages offered “a phenomenal opportunity for inward investment.”

In 20 years’ time, he thought many of the 200 property experts in the room would say: “I wish I’d had a bit of that.”

Alison Owen, a partner with Cluttons, the Maidstone-based property experts that helped produce the report, added: “There is no doubt in our mind that Kent remains an attractive location to both investors and developers.”

Tristram Gethin, director of Quadrant Estates, the Eureka Park developer, said 1,500 people now worked in the park’s “value for money” high-quality offices. Ashford appealed to a wide range of business sectors.