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Crest Nicholson says Farnham regeneration agreement now unconditional
FTSE 250 residential developer Crest Nicholson said on Friday that its development agreement with Waverley Borough Council to deliver the £115m Brightwells regeneration of Farnham Town Centre is now unconditional.
It said the development - which comprises a new £40m retail and leisure hub, anchored by Marks and Spencer and Reel Cinemas, with 239 new apartments clustered around a new town square - will "transform and revitalise" a much under-utilised part of the historic town of Farnham.
It also includes 72 shared ownership affordable homes which the company said 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 six-screen cinema, eight restaurants and a combination of 24 retail units including.
Detailed planning permission for the scheme has been secured and enabling works will commence in the summer. The centre is expected to open in late 2021.
At 1420 GMT, the shares were up 07% to 489.60p.