A developer has signed a £45 million deal for 267 flats, completing the sale of 660 homes before a brick has been laid.

Canterbury-based Quinn Estates has sold the apartments, set to be built on the former Powergen site in Ashford, to Saudi-backed real estate investor GRE Assets, based in Oxford.

It gained planning permission for the development in Victoria Way in June, designed by award-winning Hythe-based architect Guy Hollaway.

It will feature one, two, and three-bedroom flats and 25 houses, alongside new public realm and a cafe.

The brownfield land has been derelict for many years and was last occupied by Powergen in the 1990s.

The other 400 apartments in the scheme have already been sold to private rented sector investor Neighbour. It means all the homes on the development will be rented out.

GRE’s previous investments include apartments in Brighton Marina, Stratford and Reading.

Quinn Estates managing director Mark Quinn described it as “one of the biggest deals in Kent this year”.

He said GRE had been attracted by Ashford’s 37-minute journey time to central London and could see the “growth story in Ashford”.

“It’s pretty compelling,” he said.

“They get to buy some really high-quality apartments overlooking a park and near the international train station.”

The sale took about five months to complete and brings to an end U+I’s involvement in the project.

The London developer had prepared the land and got the proposals through the planning stage with Quinn Estates.

Mr Quinn said: “We are over the moon. GRE are really good to work with. This will be the first of many deals we do with them.

"GRE are really good to work with. This will be the first of many deals we do with them..." - Mark Quinn, Quinn Estates

“GRE wanted to work with a local company which could take the project to the next stage, which is handing over the keys for people to live there.

“A lot of pension funds will come into this market. The pound is 18% down against the dollar so what they are buying is 18% cheaper than what it was seven months ago.

“They are investing at a key point. This will help the town centre massively. They are putting economically active people in the town centre.”

It is expected the first phases of the apartments will be complete within the next two years.