Native Land has signed an £18.5m funding arrangement with Grosvenor for St Mary’s Wharf, a 200,000 sq ft mixed-use development on brownfield land in Guildford, Surrey.
The agreement enables construction work to start on the residential-led town centre regeneration project.
St Mary’s Wharf is situated on a 1.7-acre riverside site and was formerly a Debenhams department store.
The Squire & Partners-designed scheme comprises 185 private and affordable homes, together with 21,000 sq ft of restaurant and business space.
Alasdair Nicholls, chief executive at Native Land, said: “Both Grosvenor and Native Land share the same best-in-class aspirations for urban design and environmental standards in our developments. St Mary’s Wharf is another example of Native Land’s track record of regenerating fundamentally strong UK towns and capital city centres.”
Robert Harris, project director at Native Land, said: “This co-investment with our long-standing partner, Grosvenor, underscores the strength of our vision for St Mary’s Wharf. The development will deliver exceptional high-quality housing and urban regeneration in a strong town with a severely supply-constrained market.”
Rachel Dickie, executive director of investment at Grosvenor, said: “Since launching our debt strategy last year, we have been exploring opportunities for our funding to meet our wider social and environmental goals.
“Our track record of successful projects with Native Land has given us the confidence to include an environmental performance incentive in this facility.”
Image © Squire & Partners
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