New Guildford developer recommended for North Street

M&G Real Estate announced it had acquired ownership of the Friary Centre in March

A new developer has been recommended to take the lead in plans to rebuild part of a Surrey town centre.

In March, it was announced that Lend Lease had been selected from three possible developers for North Street by a panel from Guildford Borough Council.

But the panel is now recommending Land Securities takes on the role.

A council spokesman said it had re-examined the original recommendation after land in the area was acquired by M&G Real Estate.

M&G Real Estate announced it had acquired ownership of the Friary Centre and the freehold of a number of buildings and land on the development site in March.

'Different conclusion'

The borough council's executive recently approved a partnership between the council and M&G Real Estate, to work together to redevelop North Street.

James Palmer, deputy leader of the council, said: "Following the panel's initial selection of a potential development partner, we carefully re-examined our original recommendation in light of the recent site acquisitions by the Prudential through its property fund M&G.

"In reconsidering our decision, the panel has reached a different conclusion, which we believe brings forward the most timely and effective development programme with the primary landowners and the right development partner."

The council's executive is due to make a decision on 5 September.