Funding secured for Guildford ex-Debenhams redevelopment

27th March 2024 | Jack Oliver

Property developer Native Land has secured an £18.5m funding agreement with Grosvenor for St Mary’s Wharf, a 200,000 sq ft redevelopment of a former Debenhams department store site in Guildford.

The 1.7-acre development site sits on brownfield land in Guildford town centre, adjacent to the both the High Street and the River Wey.

The residential-led development is set to deliver 185 homes as well as 21,000 sq ft of space for retail and F&B businesses. St Mary’s Wharf will also create an acre of new public riverside walkways, enabling direct access from Guildford High Street to the River Wey for the first time in over 50 years.

The buildings, designed by Squire & Partners, will look to include the sustainable retention and reuse of the existing basement and, in response to Native Land’s brief, will be fossil fuel-free and net-zero carbon in operation.

Native Land and Grosvenor have previously partnered on the likes of NEO Bankside, Holland Park Villas, Cheyne Terrace, and 10 Montrose Place, all in central London. The St Mary’s Wharf development is the first time both organisations have included an environmental performance incentive within the financial agreement.

Robert Harris, project director at Native Land, said: “This co-investment with our long-standing partner, Grosvenor, underscores the strength of our vision for St Mary’s Wharf. The development will deliver exceptional high quality housing and urban regeneration in a strong town with a severely supply constrained market.”

Rachel Dickie, executive director of investment at Grosvenor, added: “We are pleased to build on our work to date with Native Land, supporting the evolution of Guildford town centre and the creation of much needed new housing. Since launching our debt strategy last year, we have been exploring opportunities for our funding to meet our wider social and environmental goals. Our track record of successful projects with Native Land has given us the confidence to include an environmental performance incentive in this facility. We look forward to working together as the scheme progresses to embed high levels of sustainability throughout the project.”


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