The £86m Guildford Park Road development will transform a car park site into an urban neighbourhood of 248 homes with 40% affordable housing.

The council is committing up to £40m from the Housing Revenue Account to buy the affordable housing, adding to the 5,000 council homes it already owns and manages.

The initial proposals include 98 new affordable rent and shared ownership homes. The scheme will deliver a balanced mix of one, two, and three-bedroom homes, with some townhouses.

Before finalising the design and seeking planning permission, extensive public and stakeholder consultation will take place.

Scheme will consist of four six-storey blocks and a row of 15 town houses

The development will be designed to meet and exceed Future Homes Standards, achieving a 90% reduction in carbon emissions.

The scheme will also enhance and improve the natural habitat to achieve a 30% biodiversity net gain.

Wates will also be delivering a social value programme valued at around £11m. This will include creating 40 new jobs for local residents, alongside offering extensive training, work, and upskilling opportunities.

Lee Bushell, regional director, Wates Group said: “We are pleased to be working in partnership with Guildford Borough Council to deliver much-needed affordable homes at the heart of the town centre. Additionally, as a Surrey-headquartered business, it has been incredibly rewarding to support the local community and uplift the Guildford economy.”

The Guildford Park Road development is part of a wider programme for housing-led regeneration of sites that Guildford Borough Council owns.