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Council has agreed to a loan facility that will allow ThamesWey Development Ltd to bring forward the future phases of the Sheerwater Regeneration Project.
Funding was agreed previously to commence work on new the community leisure facilities and first phase of residential housing, both of which are progressing well and are on scheduled to be delivered in 2021.
The decision on Thursday (13 February), agrees the funding framework for the remainder of the regeneration project that will deliver 1,142 homes, of which more than half will be available for affordable rent.
The Leader of Woking Council, Councillor David Bittleston, said: “This is a defining moment for our collective ambition to regenerate Sheerwater. Residents have waited a long time for this project to get started and lived with a lot of uncertainty. Agreeing the future funding arrangements now, fulfils our promise to build Sheerwater residents a new garden village with the quality homes and community infrastructure that are so desperately needed.”
Mark Rolt, Chief Executive of ThamesWey, said: "It is great news that the Council has agreed the whole project financing arrangements. This decision will enable ThamesWey to focus on delivering a new sustainable community for both existing and new residents of Canalside."
The Council’s Sheerwater Regeneration Delivery and Oversight Panel will continue to closely monitor the financial performance of the project at each phase.