- What Donard Real Estate and Zetland Capital has launched the search for a forward funding partner for a Woking BTR development.
- Why Crown Gardens was granted planning permission this month for 272 new homes, including 28 affordable homes and flexible ground floor commercial space.
- What next Project expected to complete in 2028. Hunt begins for £110m Woking BTR
Developer Donard Real Estate and Zetland Capital are looking to secure forward funding for a Surrey build-to-rent (BTR) development, with Knight Frank appointed for the search for a partner. Called Crown Gardens, the scheme has a gross development value of £110m. Located in Woking town centre, it was granted planning permission this month and will deliver around 272 new homes across several buildings of varying heights of up to 26 storeys, including 28 affordable apartments. Donard is anticipating to begin demolition on site in the first quarter and achieve completion by 2028.
The project includes around 10,800 sq ft of green and landscaped terraces, a gym, workspace, communal and private spaces, flexible ground floor commercial space and public realm improvements.
The developer had acquired the site on Commercial Way in 2022 which previously hosted a BHS department store. The existing unit had recently house a British Heart Foundation shop on the ground floor with the remaining upper floors vacant.
A previous application for a development of up to 39 storeys for 310 flats was refused in 2020.
Donard enlisted Pod Architects to draw up new plans for the current scheme, which was approved.
Jonathan Stevenson, head of build-to-rent forward funding at Knight Frank, said: “This scheme in the prominent commuter town of Woking, ticks all the boxes for institutional investors – a market-leading mix of units, an investor friendly tenure model, and impressive ESG credentials.
“The design has been meticulously crafted for today’s rental market, with an ideal quantum of units and attractive pricing points. We expect strong interest from institutional capital sources seeking high-quality, professionally managed rental stock.”
Steven Flannery chief executive of Donard Real Estate, added: “The approval of Crown Gardens represents a pivotal moment towards the regeneration of and further investment in Woking. Over the past couple of years, we have dedicated ourselves to crafting a high-quality scheme in collaboration with the local community that promises long term benefits for Woking.”
The project team includes Turley, EIA, Hoare Lea, Exterior Architecture, MasonNavarro Pledge and Pulsar.