The scheme will be delivered by developer U+I, in partnership with Canterbury-based Quinn Estates and specialist private rented sector operator, Neighbour.
Previously occupied by Powergen in the 1990s, the consented scheme will provide homes for rent and new public realm on a brownfield parcel of land that has lain derelict for well over a decade.
The residential units will consist of one, two, and three-bedroom flats and 25 houses designed by RIBA award-winning architect, Guy Hollaway.
U+I has also exchanged contracts to acquire a second site located opposite Ashford International train station, from the Homes and Communities Agency.
Almost six acres in size, a masterplan is currently in progress for a significant regeneration project that will create over 165 new jobs.
This proposed development would house 200 homes, a 120-bed hotel, an Aldi food store and brewery for local wine and beer maker, Chapel Down.
Richard Upton, Deputy CEO of U+I, said: “It is great news that planning permission for the first of two sites at Victoria Way has been granted.
“Ashford’s thriving local economy, excellent transport links and the council’s ambitious regeneration plans reinforce its position as an important town within the London City Region and we’re excited to be working here.”