The joint venture, called Evolution, was selected as preferred bidder for the project in November 2012. Planning permission was secured in April 2013 and work had been expected to start on site in the summer. However, it has taken until now to finalise the contract.
Kier will build 371 new homes on a 9.5 hectare site near Moor Lane in Woking. Of these, 224 will be social housing and 147 homes for private sale. Thames Valley Housing will manage and maintain the social housing over the 25-year contract.
Over this contract period, the council will receive PFI credit support from the Homes & Communities Agency having satisfied a Treasury value-for-money test.
Completion of the homes will be phased between early 2015 and early 2017.
Kier Partnership Homes managing director Chris King said: “We are delighted that the procurement and planning process for this exciting development has drawn to a close to enable work on site to commence. The design and layout of the development and the careful integration of a range of tenures will ensure that the scheme is both aesthetically pleasing and sustainable, providing Woking with a high quality residential environment for many years to come.”