Solum Regeneration – the joint venture between Kier Property and Network Rail – has announced a forward fund deal with Grainger plc, the UK’s largest listed residential landlord and leader in the UK private rented sector (PRS). Grainger plc will forward fund and acquire a c.100-home PRS development (known as ‘build to rent’) at Guildford station in Surrey for £37m.
The deal will generate the delivery of the first residential units, forming 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.
A new 644 space multi-storey car park, part of the first tranche of rail improvements, is also being constructed.
Works at the station are scheduled to begin in autumn 2020.
Alan Jones, Development Director, Solum 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.”
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.”
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.”