Land Securities Group plc (LON:LAND) shares have risen by 1.45 per cent this morning following the news that the Ebbsfleet Garden City development in Kent will be going ahead, after Chancellor George Osborne gave the plans hos full support.
Ebbsfleet Valley sits between the Bluewater Shopping Centre and Ebbsfleet International rail station to the south of the Thames in Kent. It has been a part of Land Securities’ Strategic Land Portfolio for well over a decade. The first plans were put forward by Land Securities in 1996 and eventually approved in 2012.
Along with Ebbsfleet Valley, Land Securities also have Kodak Site in Harrow, Easton Park and Lodge Hill in Chattenden in the Strategic Land Portfolio. The success of Ebbsfleet could provide an opportunity to develop the other regions.
The Ebbsfleet Garden City development will take at least 20 years. The first houses in the Castle Hill sector are already being constructed.
The whole of Ebbsfleet will be maintained / owned by Land Securities. There are plans for 15,000 new family homes of three and four bedrooms. More than 40% of Ebbsfleet Valley will be open space.