Wates Construction has formalised a partnership with Guildford Borough Council (GBC) to develop a new residential project in Guildford, England, UK.
The £86m ($110.72m) development will convert an existing car park into a residential area, providing up to 248 homes, of which 40% will be classed as affordable housing.
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The company will be responsible for delivering the scheme under a development agreement.
Wates was selected as the preferred bidder to serve as the council’s development partner following a procurement process that was initiated last June.
The company beat two other developers, namely Vistry Group and McLaren Living.
GBC leader and lead councillor for housing Julia McShane said: “This new neighbourhood will include a mix of new council homes for rent and affordable homes to buy.
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By GlobalData“I’m pleased that we’re appointing Wates Group as our development partner. The company has shown that it shares our values and has the expertise to complete this development to a high standard.”
Plans include the creation of affordable rent and shared-ownership properties, with a mix of one-, two-, and three-bedroom units, as well as townhouses.
GBC plans to invest £39.7m from its Housing Revenue Account to purchase the affordable units, adding to its portfolio of 5,000 council-owned and managed properties.
Public and stakeholder consultations are scheduled ahead of final design decisions and the subsequent pursuit of planning permission.
The project aims for sustainability, targeting a 90% reduction in carbon emissions and aligning with the Future Homes Standard.
Additionally, it seeks to achieve a 30% biodiversity net gain through environmental enhancements.
Located within walking distance from the city’s town centre and train station, the site benefits from transport links, including bus services and pedestrian access.
Wates will also deliver a social value programme estimated at £11m, promising the creation of 40 new local jobs and numerous opportunities for training and skills development.
