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Ongoing commitment to ambitious Weyside Urban Village regeneration scheme

Aerial view of the new depot under construction July 2025

Aerial view of the new depot under construction July 2025
We're making significant progress on Weyside Urban Village (WUV). It's our flagship regeneration project that will deliver vital infrastructure and around 1,650 high-quality homes to meet the borough's growing housing needs.

Papers discussed at Full Council

These reports detail

  • the significant milestones that we've already achieved
  • the mitigation options we're exploring to reduce the forecast financial shortfall on the WUV project.

Progress to date

We're unlocking previously used land for development. This is being done through upfront investment and delivery of essential infrastructure. Works to date include:

  • Progress on the new Thames Water sewage treatment works (completion expected in 2027)
  • Completion of UK Power Networks energy infrastructure for most of the site 
  • Relocation and expansion of allotments
  • Appointment of contractors for key infrastructure works. This includes highway improvements like the Toucan Crossing on Woking Road
  • Development of a new nature reserve at Burpham Court Farm (almost equal in size to 60 football pitches)
  • Detailed plans for new high quality and energy-efficient housing approved 
  • Completion of initial groundworks for the new council depot

Robust financial mitigation strategy

The project has faced financial pressures due to global economic conditions, including:

  • rising borrowing costs
  • inflation
  • challenging housing market

Construction costs have surged, driven by

  • slow recovery after COVID
  • the war in Ukraine,
  • labour shortages

We have developed a robust mitigation strategy to manage the projected financial shortfall while protecting essential council services. 

Recommendations approved

Full Council approved the treasury management strategy to:

  • Use £20 million in capital receipts and savings from the asset disposal programme to support the WUV scheme.
  • Fund £40 million for the new council depot through long-term borrowing as part of the corporate programme. Savings from a new leisure management contract will help to cover the interest payments.

Full Council also noted:

  • the remaining forecast financial shortfall
  • ongoing work to take advantage of commercial opportunities linked to scheme

Deputy Leader and Lead Councillor for Economy and Place, Cllr Tom Hunt, said:

"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 programme. 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."

 

Published on: 30 July 2025