Solum Regeneration, a joint venture between Kier Property and Network Rail, has reached a forward funding deal with UK listed residential landlord Grainger for part of its station redevelopment scheme in Guildford, Surrey.
Grainger will forward fund and acquire a circa 100-home build-to-rent development at Guildford station for £37 mln (€41 mln).
Helen Gordon, chief executive of Grainger, said: 'Today’s 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.'
Alan Jones, Solum development director said: '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.'
The residential scheme forms part of Solum’s wider £200 mln station redevelopment scheme, which comprises £25 mln of station improvements, including a new station building, integrated transport interchange, and ultimately 440 new homes.
A new 644 space multi-storey car park, part of the first tranche of rail improvements, is also being constructed, with works at the station are scheduled to begin in autumn 2020.
David Biggs, managing director, Network Rail Property said: '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.'
