Guildford borough council has recommended Land Securities as development partners for the 400,000 sq ft retail and leisure North Street project, which Lend Lease had previously been recommended for.
The council’s evaluation panel will make the recommendation ahead of the council’s executive meeting on 5 September, when a final decision on a developer will be made.
LandSec was picked from a shortlist of three potential developers which also included Queensberry Real Estate.
Lend Lease was also in the running, despite the council’s decision to rethink its initial recommendation following a sale of the adjacent Friary Centre and some of the land within the development to M&G Real Estate.
If formally approved, LandSec would work closely with the council and M&G, following the formation of a landowners’ partnership.
Cllr James Palmer, deputy leader of the council and lead councillor for town centre planning and infrastructure, said: “Following the evaluation panel’s initial selection of a potential development partner, we carefully re-examined our original recommendation in light of the recent site acquisitions by the Prudential through its property fund M&G.
“The panel assessed the developers’ compatibility with the primary landowners together with evidence of relevant and recent experience, capability and an appreciation of our development objectives. In reconsidering our decision, the panel has reached a different conclusion, which we believe brings forward the most timely and effective development programme with the primary landowners and the right development partner.
“Presentations by the shortlisted developers and engagement with local interested parties helped to inform the panel in reaching their decision. This recommendation aims to move the North Street project forward at pace with Land Securities working closely with the council and its landowner partners in North Street.”
The evaluation panel will submit its recommendation to the council’s executive committee in the last week of August. The executive will make its decision on 5 September.
jack.sidders@estatesgazette.com
