Significant funding to unlock the infrastructure phase of the Weyside Urban Village project has been approved by Guildford Borough Council.
Weyside Urban Village (formerly Slyfield Area Regeneration Project) is a major 41-hectare brownfield regeneration scheme that will deliver 1,500 homes, as well as 2,000 square metres of community space and 6,500 square metres of employment space. The development will help meet the essential need for more housing in the borough, with 40 per cent affordable housing available as part of the new community.
The council’s Executive, and Full Council have agreed this month to approve a capital budget of £359.504 million to enable the infrastructure phase of Weyside Urban Village Project to begin.
Additional funding for the project includes an EM3 grant of £7.5 million and a £52.3 million grant from the Housing Infrastructure Fund.
The Weyside Urban Village will help regenerate this area of Guildford, creating a vibrant new community with a mix of affordable housing with easy access into the town centre along the riverbank. Community space where local residents can come together is a key part of the development and the council will be consulting residents for their views about how it can best provide areas that everyone can enjoy.
The project is a key strategic site in the Guildford Borough Local Plan and will be connected to the town centre and station through the Sustainable Movement Corridor's planned cycle routes and footpaths.
Enterprise M3 Chief Executive Kathy Slack, said:
By funding the infrastructure phase, Enterprise M3 LEP has shown the real value it can add, being instrumental in helping to bring forward a major housing site of 1,500 homes as well as 17,500m2 of light industrial and retail space, much more quickly than would otherwise be the case. Our firm commitment to the scheme has enabled Guildford Borough Council to go to the market demonstrating that funding is in place to make the site attractive to potential developers.
Cllr Caroline Reeves, Leader of Guildford Borough Council, said:
Weyside Urban Village is the most exciting and important infrastructure project in our borough and we are delighted to see it move forward with the approval of this significant council investment. The Weyside Urban Village project will help deliver much-needed housing, community space and employment opportunities for our borough and we look forward to seeing work begin on site in the next year.
As with all such significant investments, we will have a rigorous system of financial checks and balances in place to ensure the council taxpayer receives best value for money throughout this complex and important project.
As part of the Weyside Urban Village project, residents will also benefit from a newly-relocated state-of-the-art sewage treatment works provided by key partner Thames Water.
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