Evolution, a private sector consortium made up of Thames Valley Housing and Kier Project Investment, has been named preferred bidder by the council to build the mixed tenure housing development north of Moor Lane, Woking.
Subject to planning consent, there will be 224 predominantly family homes for affordable social rented accommodation, managed and maintained by Evolution under a 25-year private finance intitiative (PFI) contract. The remaining 149 homes will be for private sale.
After public consultation, Evolution is expected to submit a detailed planning application in early 2013. It is anticipated, subject to planning consent, construction works on-site will start in summer 2013.
Cllr David Bittleston, chairman of Woking Borough Council's PFI project board, said: "I am delighted to announce Evolution as our preferred bidder for the Priority Homes housing development, north of Moor Lane. There are many local people on our housing register waiting for decent, affordable social housing. This project will significantly help them and contribute to meeting the council's housing strategy through a step-change in the provision of social housing within the borough."