The Weyside Urban Village (WUV) is a flagship regeneration project aimed at transforming previously used land into a vibrant community.

This ambitious initiative will deliver essential infrastructure and approximately 1,650 high-quality homes to address the borough’s growing housing needs.

Key Developments and Achievements

Significant progress has been made in unlocking land for development through upfront investment and infrastructure delivery. Key achievements include:

  • Advancement on the new Thames Water sewage treatment works, expected to be completed by 2027.
  • Completion of UK Power Networks energy infrastructure for most of the site.
  • Relocation and expansion of allotments to accommodate community needs.
  • Appointment of contractors for crucial infrastructure works, including highway improvements like the Toucan Crossing on Woking Road.
  • Development of a new nature reserve at Burpham Court Farm, nearly the size of 60 football pitches.
  • Approval of detailed plans for new high-quality, energy-efficient housing.
  • Completion of initial groundworks for the new council depot.

Financial Strategy and Challenges

The project has encountered financial pressures due to global economic conditions, such as rising borrowing costs, inflation, and a challenging housing market. Construction costs have surged, driven by factors like the slow recovery after COVID, the war in Ukraine, and labour shortages. In response, a robust financial mitigation strategy has been developed to manage the projected financial shortfall while safeguarding essential council services.

Approved Recommendations

The Full Council has approved a treasury management strategy to support the WUV scheme. This includes using £20 million in capital receipts and savings from the asset disposal program and funding £40 million for the new council depot through long-term borrowing. Savings from a new leisure management contract will help cover interest payments. The Council also noted the remaining forecast financial shortfall and ongoing efforts to leverage commercial opportunities linked to the scheme.

Leadership Insights

Deputy leader and lead councillor for economy and place, Cllr Tom Hunt, stated, “We’re prudently taking action now to minimise any potential impact of the Weyside Urban Village scheme and ensure that this key site delivers much-needed housing, infrastructure, and jobs for our borough.”

Lead councillor for finance, Cllr Richard Lucas, added, “The measures we’ve approved deal with the current situation we’re facing. We’ve already raised £9m from the asset disposal program. The measures agreed by Full Council will significantly reduce the projected financial shortfall and make debt repayment manageable. Although there are still ongoing risks associated with the Weyside Urban Village scheme, these will reduce as we move forward with the project. We will, of course, continue to monitor the situation very closely.”

 

 

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