Guildford borough council has signed a development agreement with Land Securities for a major revamp of the North Street area of the Surrey town.
LandSec was expected to get the nod following Guildford council’s u-turn in August 2013, as it originally identified Lend Lease as its preferred partner from a pool of three developers that also included Queensberry Real Estate.
The North Street site, next to the Friary shopping centre has scope for a major retail scheme of up to 400,000 sq ft.
LandSec was originally due to sign the development agreement by the end of February.
Leader of the council Stephen Mansbridge said: “It is important we take this opportunity to celebrate a major milestone in the progress we are making towards the redevelopment of the North Street site.
“The economic wellbeing of our borough is at the forefront of the council’s mind as a strategic priority. By working closely with Land Securities and the major landowner, M&G Real Estate, we are confident that we can secure the regeneration opportunities available in this key town centre site to benefit everyone for years to come.”
Land Securities project director Riccardo Mai added: “The completion of the development agreement marks the end of the initial period of negotiations between Land Securities and the council. We are pleased with the progress made so far but, as with all projects of this size, complex negotiations between the landowning parties, the council and Land Securities must now continue.”
nick.whitten@estatesgazette.com
