Crest Nicholson Holdings plc
("Crest Nicholson")
Crest Nicholson and Waverley Borough Council seal partnership
to regenerate Farnham Town Centre
Crest Nicholson today announces that its Development Agreement with Waverley Borough Council to deliver the £115m Brightwells regeneration of Farnham Town Centre is now unconditional.
Comprising a new £40m retail and leisure hub, anchored by Marks and Spencer and Reel Cinemas, together with 239 new apartments clustered around a new town square, the development is set to transform and revitalise a much underutilised part of the historic town of Farnham. It includes 72 shared ownership affordable homes which will help meet a broader housing need and retain younger first time buyers within the scheme.
Once completed the commercial estate, which has been pre-sold to the Surrey County Council, will comprise a 6 screen cinema, 8 restaurants and a combination of 24 retail units including a new Marks and Spencer Simply Food. It will also refurbish part of the adjoining Sainsbury's store and supporting car parking. The associated revenue will underpin Crest Nicholson's commercial development revenues through to 2021.
Detailed planning permission for the scheme has been secured and enabling works will commence in earnest in the summer. The centre, which includes new basement and deck parking for shoppers and residents, is expected to open in late 2021. The first residential dwellings will be occupied in early 2020 and the development will be completed in total by the spring of 2022.
For further information please contact:
Kevin Maguire
Company Secretary
+44 (0) 1932 580 555
Notification Date: 23 February 2018
