Godalming High Street Rejuvenation – Self Financing or ‘Money Pit’?

Published on: 9 Feb, 2026
Updated on: 10 Feb, 2026

Former M&Co Premises at 69 Godalming High Street. Google

By Chris Caulfield

local democracy reporter

The transformation of Godalming town centre has reached a milestone after contractors were appointed to start work on a long-vacant High Street spot – although critics have said its near £13 million costs are more of a millstone for the borough.

Waverley Borough Council has announced that Etec Group will take on the project of converting the former M&Co building at 69 High Street with the hopes of getting a café open before Christmas – almost half a decade after the project started.

The money the project brings in is expected to bring “much needed’ affordable housing into the town centre – built to the rear of the site at a later stage.

Opposition councillors, however, have criticised the handling of the project that has so far take five years and seen costs spiral.

Scaffolding is expected to go up around the building shorty with work already underway to remove asbestos. This will be followed by the demolition shop interior.

Etec has experience of working on a variety of projects including the Royal Botanic Gardens in Kew.

Cllr Mark Merryweather

Waverley Borough Council’s portfolio holder for finance, assets and property, Cllr Mark Merryweather (Lib Dem, Farnham Moor Park), said: “The development of the commercial space at the front of the site will unlock the development of new affordable housing on the rest of the site and I’m thrilled to have both Etec and Loungers on board.

“We are now well under way with bringing our plans to life.

“We bought 69 High Street with a bold vision: deliver much-needed Waverley-owned affordable housing on under-used town-centre land, while keeping the High Street frontage as a lively and attractive commercial space”.

The council said the project remains self financing but opposition members remain alarmed at the high costs and have labelled the project another council folly.

Cllr Jane Austin

Cllr Jane Austin (Bramley & Wonersh), leader of the Conservative Group at Waverley Borough Council, said: “69 High Street is the money pit which keeps on costing Waverley million upon million.”

She said independent valuation evidence shows the completed flats would be worth millions less than the cost of building them and leave Waverley’s housing account with a 47-year payback period, adding that the projected current value of the flats would be about half what the council paid to buy the site.

Austin said: “We want to maximise the affordable homes we can deliver from Waverley’s Housing Revenue Account – that is how we deliver for residents.

“But the cost of building the 13 flats at 69 High Street will exceed their end value by millions.

“Market comparisons show that, for the same money, Waverley could buy around 24 brand-new, comparable flats on the open market.

“This money pit… was bought in haste, based on flawed reasoning, and with little appreciation of the complexity involved in bringing forward a scheme of this nature.

“Waverley residents continue to pay the price.”

Cllr Daniel Husseini

Cllr Daniel Husseini (Con, Godalming Binscombe and Charterhouse) said: “The council keeps using ‘High Street rejuvenation’ as the justification for pouring yet more public money into this project.

“But Godalming High Street and housing would still be rejuvenated if the 69 High Street development had been delivered by a commercial operator – without the ever-growing bill using public money… and years of delay.”