The Brightwells mixed-use scheme will deliver 239 homes, including 167 private homes and 72 homes under the Shared Ownership scheme to be purchased by Thames Valley Housing.
The plan also includes 100,000 sq ft of retail and leisure space, and a shopper car park with space for 183 cars. Signed pre-lets include Marks & Spencer Simply Food, a 6 screen Reel cinema and restaurants including Carluccio’s, Byron Burger and Ask.
Crest Nicholson will deliver the scheme for Waverley Borough Council over the next three years and will be financing the delivery from its own committed funds. Around 400 jobs will be sustained during the works programme.
Surrey County Council is investing in the retail and commercial elements of the scheme after reaching agreement to acquire the completed commercial units from Crest.
The regeneration secures more than £2m of external investment into the Farnham community and includes an additional £2 million for highway improvements in central Farnham.
Up to 400 construction jobs will be created during the development of the Brightwells scheme, with a further 400 permanent jobs in the leisure, retail and hospitality sectors once fully complete.
The grade II listed Brightwells House will be retained, refurbished and extended.
Chris Tinker, Board Director at Crest Nicholson, said: “After many years of working in partnership with Waverley Borough Council to secure planning and pre-sell the commercial elements of the development, Crest Nicholson is very pleased to be in a position to commence the delivery of the Brightwells scheme.”