Waverley Borough Council gives green light to construction of 239 residential units in a new Town square in Farnham.
Once complete the Brightwells scheme will deliver 239 new homes, including 167 for private sale and 72 homes under the Shared Ownership scheme to be purchased by Thames Valley Housing. The scheme will also include 9,814sq.m of retail and leisure space, and a shopper car park with space for 183 vehicles. Signed pre-lets include Marks & Spencer Simply Food, a six screen Reel cinema and restaurants including Carluccio’s, Byron Burger and Ask.
Crest Nicholson, who were first appointed as Development partner to Waverley Borough Council (WBC) in 2003, will deliver the scheme over the next three years and will be financing the delivery from its own committed funds. Surrey County Council is investing in the retail and commercial elements of the scheme after reaching agreement to acquire the completed commercial units from Waverley’s development partner Crest.
The regeneration secures more than £2 million of external investment into the Farnham community and includes an additional £2 million for highway improvements in central Farnham. Crest Nicholson estimates that once finalised the Brightwells site will provide Waverley Borough Council with a potential income of £700,000 to £900,000 per annum from a combination of rental income, business rates and car parking.
Up to 400 jobs in the construction sector will be created during the development of the Brightwells scheme, with a further 400 permanent jobs in the leisure, retail and hospitality sectors once fully complete.
Chris Tinker, Board Director at Crest Nicholson, commented: “After many years of working in partnership with Waverley Borough Council to secure planning and pre-sell the commercial elements of the development, Crest Nicholson is very pleased to be in a position to commence the delivery of the Brightwells scheme. The development will revitalise an underutilised part of Farnham town centre and create valuable jobs during the construction and in the local community once completed. The core vision remains to deliver a quality mixed use urban regeneration scheme incorporating much needed homes and creating a vibrant addition to the economy of Farnham.”