Guildford borough council’s executive has approved plans to enter into a strategic landowner partnership with M&G Real Estate.
Following the sign-off, the council will now begin negotiations with M&G, as owner of the Friary Centre , and other North Street landowners.
James Palmer, lead councillor for town centre planning and infrastructure, said: “We believe that it is in the best interest for the future of Guildford to form a landowner partnership with M&G Real Estate.
“M&G Real Estate is a well-established international investor and asset manager, as well as one of the largest landowners in the town. We want to work together with them and other landowners in and around North Street, to deliver the long-awaited development of this important town centre site.”
Following the executive’s approval of the proposed partnership, and positive negotiations on the landowner agreement, the council will then invite the three shortlisted developers – Queensberry Real Estate, Lend Lease and Land Securities – to present how they would work with the new landowner partnership.
The council’s evaluation panel will then recommend its preferred development partner to the executive later this year.
Council leader Stephen Mansbridge added: “This is a great step forward for many reasons and demonstrates the will and commitment to successfully deliver this vital town centre development. Guildford will be able to offer improved retail and leisure opportunities, and over time the wider community will benefit from the investment for future economic growth.”
