The development in one of the highest value areas in the south-east of England will be comprised of 224 affordable homes and 147 for market sale. 80 per cent of the scheme will be homes, while apartments constitute the rest 20 per cent.
The consortium, named Evolution, has been chosen in November 2012 as Council’s preferred bidders for the project and has worked with the Council to attain a planning consent for the scheme.
The construction of the housing development will start immediately and the first affordable homes are expected to be finished by early 2015, which will be managed and maintained by Thames Valley Housing for a 25-year term. Throughout this period the Woking Council will receive PFI grant support from the Department for Communities and Local Government to assist with the affordable rented housing part of the scheme. The rest of the homes is scheduled to be completed steadily over the subsequent two years.
Chris King, managing director at Kier Partnership Homes, commented: “We are delighted that the procurement and planning process for this exciting development has drawn to a close to enable work on site to commence. The design and layout of the development and the careful integration of a range of tenures will ensure that the scheme is both aesthetically pleasing and sustainable, providing Woking with a high quality residential environment for many years to come.”
Cllr David Bittleston, portfolio holder for housing, said: “This is a hugely important housing project for the Borough. With so many local people on our Housing Register waiting for decent, affordable social housing, these new homes, when built, will help meet growing local demand.
“By taking the Private Finance Initiative (PFI) route, the Council is able to deliver a step-change in the provision of affordable housing within the Borough, while contributing significantly towards the requirements set out in the Council’s Core Strategy.”