Published: 15:00, 13 September 2017
| Updated: 16:42, 13 September 2017
A property developer has made a £4.9 million profit on the sale of two proposed housing sites in Kent.
U+I have sold land in Maidstone next to Royal Engineers Road, Sandling, after securing planning permission for a £65 million development in February.
It has not revealed details of the buyer, other than it is a regional housebuilder, which will have approval to build an 18-storey block of flats on the former home of Kent County Council offices.
The scheme will include 310 homes.
Maidstone council gave approval to two buildings earlier this year, one of 18 floors and one comprising four linked blocks, ranging from eight to 11 storeys.
When revealing the plans last year, U+I deputy chief executive Richard Upton said the plans were for “high quality, mid-market homes with easy access to the centre of London in locations where housing demand continues to grow”.
U+I has also sold another unspecified site in Kent, which has planning permission for a £70 million mixed-use project on six-acres of derelict land.
Chief executive Matthew Weiner said: “Today’s announcement underpins a core part of our strategy – securing overlooked sites in well-connected towns in the London City Region where we are able to unlock long-term socioeconomic value for communities and a strong return for our shareholders.
“Working closely with the council and the community, we have carefully designed and planned regeneration projects that will help to stimulate growth, provide new jobs homes and investment.”
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