The Homes and Communities Agency (HCA) is to sell International House and surrounding land to Ashford Borough Council.

The sale will help pave the way for the council to take the place of the HCA in driving forward bold plans for a comprehensive redevelopment of that area of the town, known as the Commercial Quarter, which will not only mean the creation of around 4,000 jobs, 590,000 square feet of office space and 150 homes but bring spending power to the town centre, helping to sustain the best possible range of retail and leisure activity in the heart of the town.

The site is part of the HCA's Economic Assets Programme, having formerly been owned by the South East England Development Agency. Its sale is in keeping with the HCA's determination to ensure that the best outcomes and benefits are secured for local communities for all of its assets.

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Although these acquisitions will trigger the take up of development opportunities in the Commercial Quarter, it is actually a new business model. By adopting this attitude the council can sustain the income it needs to offset reducing government funding, without passing that burden onto local council tax payers.

Increasingly local councils will have to be self-financing and a solid stock of commercial property – just 38 minutes from London and with excellent international connections – will help to generate rental income to fill the gap left by reducing government grants. This sort of positive approach should help the council meet its aim to be self-funding by the 2018-19 financial year.

The Commercial Quarter is just a part of an ambitious programme that will deliver some major projects for the borough. Phase 1 already has planning permission and interest from a first major potential occupier. The HCA has also committed money to the project.

Councillor Graham Galpin, Ashford Borough Council's portfolio holder for the town centre and urban economy, said: "This is a big step forward. It's absolutely essential to the balanced growth of the town that we take advantage of our connections to London and Europe through HS1. This is an attractive factor when companies want to invest in Ashford.

"I am therefore delighted that the council is able to proceed with plans to purchase International House and the land where Crouch's garage used to be, which we hope will quickly bring forward plans for a 50,000 square feet of office space on Dover Place car park."

(CD/JP)