Citra Living, part of Lloyds Banking Group, has today announced the purchase of 110 properties at the Riverside Park development in Ashford, Kent from Oxford-based housebuilder GRE Assets for an undisclosed price.
Ashford is expected to see the highest population growth in Kent in the coming decade (8% compared to the national average of 4% over the next 10 years), with more people wanting to take advantage of its proximity to the coast and fast rail link into London. The Riverside Park apartments will help to meet growing demand for high quality, great value homes in the area.
The apartments will be situated in two blocks which form part of the wider development of 246 apartments and 26 townhouses. Most of the apartments will have parking spaces and private balconies, with the blocks both benefitting from communal rooftop terraces for customers to use. The apartments will be professionally managed by Citra Living, offering customers a good value, high-quality rental experience, and will be available to rent from Autumn 2022.
The deal marks the second GRE development in which Citra has invested, following the purchase of a residential building at Nene Wharf, Peterborough, announced in July 2021.
Andy Hutchinson, Managing Director of Citra Living, said:
“Growing demand in Ashford, in part thanks to recent investment announcements, has resulted in a shortage of decent, good value properties for people looking to rent in the area. Within our developments, we will be providing great quality homes, which are essential to communities like Ashford where people want to put down roots.
“Our partnership with GRE Assets was borne out of the shared goal of providing a consistently high standard of properties where they are most needed. Following our collaboration in Peterborough, this site in Ashford is another example of how we can work together with mid-sized developers to help strengthen their businesses and accelerate future projects.”
Michael El-Kassir, Managing Director of GRE Assets, said:
“We are delighted to finalise our second deal with Citra Living. Working with Citra at both Nene Wharf, Peterborough and Riverside Park in Ashford has certainly helped accelerate our growth into the ‘build to rent’ market where we see an exciting opportunity to help meet the growing demand for high quality rental homes.”