Native Land has secured an £18.5 million funding arrangement with Grosvenor for St Mary’s Wharf, a transformational 200,000 sq ft mixed-use development on brownfield land in the centre of Guildford. The agreement marks the start of construction work 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 site is located in a strategic position where the town’s High Street meets the River Wey and is a four minute walk from Guildford train station, with trains reaching central London in around 30 minutes. The scheme is set to be an exemplar of how sensitive brownfield redevelopment can catalyse wider town centre regeneration.
The development comprises 185 private and affordable homes, together with 21,000 sq ft of restaurant and business spaces. It will create an acre of new public riverside walkways and gardens and will provide direct access to the River Wey from the High Street for the first time in more than 50 years.
The Squire & Partners designed buildings include the sustainable retention and reuse of the existing basement and, in response to Native Land’s brief, will be fossil-fuel-free and net zero carbon in operation.
The funding arrangement marks the latest in a line of collaborations between Native Land and Grosvenor and the first time both organisations have included an environmental performance incentive within the funding facility, encouraging both partners to ensure the scheme achieves high environmental credentials. Previous partnerships include NEO Bankside, Holland Park Villas, Cheyne Terrace, and 10 Montrose Place, all in central London.
By repurposing brownfield land to provide new, centrally located 1-to-3-bedroom homes, St. Mary’s Wharf will help to alleviate pressures on the surrounding Green Belt, reinvigorate the Guildford town centre, and reduce car dependency.
Alasdair Nicholls, Chief Executive, 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. We are delighted to be investing in Guildford, creating jobs and the opportunity for skills development in the delivery of a significant number of high quality and sustainable homes.”
Robert Harris, Project Director, 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, Grosvenor said: “We are pleased to build on our work to date with Native Land, supporting the evolution of Guildford town centre and the creation of much needed new housing. 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. We look forward to working together as the scheme progresses to embed high levels of sustainability throughout the project.”
