Solum Regeneration – the joint venture between Kier Property and Network Rail – has announced a forward fund deal with Grainger plc. Grainger will forward fund and acquire a c.100-home Build to Rent development at Guildford station in Surrey for £37m.
“We are truly excited about the start of construction works on this important strategic site in Guildford. Not only does it provide significant rail infrastructure improvements that otherwise may not have come forward, but it also creates much needed quality homes on a currently underutilised brownfield site.”Alan Jones, Development Director, Solum
The deal will generate the delivery of the first residential units, which forms part of Solum’s wider £200m station redevelopment scheme. The scheme, which comprises of c.£25m of station improvements, includes significant benefits to the public – such as a new station building, integrated transport interchange, improved public realm, the widening of Walnut Tree Close and c.440 new homes.
“The scheme at Guildford not only delivers major station redevelopments and improvements, but also provides much needed high-quality housing with first-rate transport links.
“It’s a great example of our partnership approach – by working together we are able to unlock land for developments that support economic growth and encourage wider regeneration in our towns and cities.”David Biggs, Managing Director, Network Rail Property
The scheme also includes a new 644 space multi-storey car park which is being constructed as part of the first tranche of rail improvements. Works at the station are scheduled to begin in autumn 2020.
“[The] acquisition in Guildford is an exciting addition to our growing portfolio of high-quality rental homes across the country. Demand for renting in areas like Guildford continues to grow, and this scheme will add to our cluster of nearby assets in Hampshire which will stand at over 300 rental homes, improving our ability to drive efficiencies while delivering a great service to our customers.”Helen Gordon, Chief Executive, Grainger