Bennett in the UK to build a 180-home residential project, securing £132 million in financing
en.Wedoany.com Reported - On October 12, UK property developer Native Land announced that it had selected Bennett Construction to undertake the main construction of the St Mary's Wharf residential mixed-use development in Guildford town centre, while also completing £132 million in development financing. The project is planned to comprise 180 homes with a total floor area of approximately 200,000 sq ft (about 18,600 sq m), located on a 1.7-acre brownfield site along the River Wey. Bennett Construction will immediately take over the site to carry out preparatory work, with main construction scheduled to begin in the coming weeks and completion expected by the end of 2028.
The project consists of two residential buildings, including market housing and affordable housing, along with approximately 1 acre of public gardens, riverside walkways, and food and retail commercial space. Architectural design is led by Squire & Partners, with landscape design by Gillespies. The development scheme adopts a fossil-fuel-free building energy system, provides cycling facilities, and carries out biodiversity enhancement works on the site.
Native Land obtained planning permission for the project in 2022, and has since completed the demolition of existing buildings, basement and ground-floor infrastructure works, riverbank flood defence works, and partial environmental remediation. The original site was a disused Debenhams department store. The development retains part of the existing basement structure and reconfigures the public space along the river, creating a pedestrian route connecting Guildford town centre with the River Wey.
The development financing includes £100 million in senior debt financing provided by NatWest and £32 million in mezzanine financing provided by the UK National Housing Bank. The National Housing Bank is a wholly owned subsidiary of Homes England. Native Land previously secured £18.5 million in financing from Grosvenor in March 2024 for early-stage infrastructure works on the project. Under the latest development plan, residential sales are scheduled to launch in spring 2027.
