St Mary’s Wharf is situated on a 1.7-acre riverside site and was formerly a Debenhams department store.

The development comprises of 185 private and affordable homes, together with 21,000 sq ft of restaurant and business spaces and will also create an acre of new public riverside walkways and gardens.

The buildings, which were designed by Squire & Partners, include the sustainable retention and reuse of the existing basement and, in response to Native Land’s brief, are planned to be fossil-fuel-free and net-zero carbon in operation.

The funding arrangement marks the latest in a line of collaborations between Native Land and Grosvenor and the first time both organisations have included an environmental performance incentive within the funding facility.

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Previous partnerships include NEO Bankside, Holland Park Villas, Cheyne Terrace, and 10 Montrose Place, all in central London.

Alasdair Nicholls, CEO at Native Land, said: “We are delighted to be investing in Guildford, creating jobs and the opportunity for skills development in the delivery of a significant number of high quality and sustainable homes.”

Robert Harris, project director at Native Land, said: “This co-investment with our long-standing partner, Grosvenor, underscores the strength of our vision for St Mary’s Wharf.

Rachel Dickie, executive director of investment at Grosvenor said: “Our track record of successful projects with Native Land has given us the confidence to include an environmental performance incentive in this facility.

“We look forward to working together as the scheme progresses to embed high levels of sustainability throughout the project.”