Kier will start work immediately on the Westfield project in Woking to build 224 affordable rented homes and 147 for market sale.
The affordable rented homes will be managed and maintained by Thames Valley Housing for 25 years.
Over this contract period, the Council will receive PFI grant support from the Department for Communities and Local Government to help fund the consortium’s provision of the affordable rented housing.
After the 25 year PFI contract period, the homes will continue to be let by Thames Valley at affordable rents in perpetuity.
Cllr David Bittleston, Portfolio Holder for Housing, said: “By taking the PFI route, the council is able to deliver a step-change in the provision of affordable housing within the Borough, while contributing significantly towards the requirements set out in the Council’s Core Strategy.”
Chris King, managing director at Kier Homes added, “The design and layout of the development and the careful integration of a range of tenures will ensure that the scheme is both aesthetically pleasing and sustainable, providing Woking with a high quality residential environment for many years to come.”