Crest Nicholson, Waverley council to regenerate Farnham Town Centre

WCN Editorial Team 2 Mar 2018 EUROPE BUILDINGS

Crest Nicholson and Waverley Borough Council have decided to commence work on the £115m Brightwells regeneration of Farnham Town Centre in England later in 2018.

The development will comprise a £40m retail and leisure hub, anchored by Marks and Spencer and Reel Cinemas, along with 239 new apartments clustered around a new town square in the historic town of Farnham.

The project includes 72 shared ownership affordable homes, which will help meet the housing need and support first-time buyers in the local community.

The commercial estate has been pre-sold to Surrey County Council and will include a six-screen cinema, eight restaurants and a combination of 24 retail units, including a new Marks and Spencer Simply Food. Part of the adjoining Sainsbury’s store and car park will also be refurbished under the project.

The centre will include new basement and deck parking for shoppers and residents. Planning permission for the scheme has already been secured, enabling work to commence in 2018. The centre is expected to open in late 2021.

The first residential dwellings will be occupied in early 2020 and the development will be completed in 2022.

The regeneration scheme brings more than £2m investment into the Farnham community and includes an additional £2m for highway improvements in central Farnham.

Crest Nicholson expects the Brightwells site to provide Waverley Borough Council with a potential income of £700,000 to £900,000 per annum from rental income, business rates and car parking.

Nearly 400 jobs in the construction sector are expected to be created during the development of the Brightwells scheme, with an additional 400 permanent jobs in the leisure, retail and hospitality sectors after completion.

Crest Nicholson board director Chris Tinker said: “We are pleased to have cemented our agreement with Waverley Borough Council and look forward to breaking ground on this significant development.

“Once complete, the scheme will regenerate an important location in the centre of Farnham and deliver much-needed new homes to the area. “We will continue to work closely with Waverley Borough Council and other stakeholders throughout the building phase.”

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