Permission unlocks the potential of a riverside site to deliver the £125m St. Mary’s Wharf scheme. This will provide 185 private and affordable homes along with 21,000 sq ft of retail and restaurant space, and almost an acre of new riverside public realm.

It will feature two new buildings, designed by architects Squire & Partners, that are all-electric and net zero carbon in operation. The project is expected to cost around £75m to build with demolition and enabling costed at around £4m.

Work is expected to start by February next year with a pre-construction period of nine months and a 30-month build programme.

St. Mary’s Wharf forms part of Native Land’s strategy to reposition former retail assets in UK towns and cities.

Robert Harris,  managing director Acquisitions, at Native Land said: “By reconnecting the town centre with the riverside, the scheme will provide new stimulus for the High Street.

“St. Mary’s Wharf exemplifies our strategy to create high-quality, sustainable developments which reimagine high street locations in the face of continued challenges from online retail. We see great potential for Guildford, with its well-respected university and excellent transport connections.”

Native Land said it was actively seeking further city centre opportunities as part of its acquisition strategy.