New Guildford developer recommended for North Street

In March, Lend Lease had been selected from three possible companies to develop North Street, Guildford by a panel from Guildford Borough Council. It is now being recommended that Land Securities takes on the role instead. 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. 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. - See more at: http://www.watco.co.uk/blog/new-guildford-developer-recommended-for-north-street#sthash.mOUvOmMR.dpuf