Temple Island project set to provide 550 new homes
Legal & General has agreed a deal with Bristol City Council to invest £350m in a major city-centre regeneration project.
The institutional investor will develop the Temple Island scheme, which includes 550 new homes, of which 220 are affordable, as well as a conference and exhibition centre, a 345-room hotel and two major office buildings.
L&G will take on the development risk and lease out the buildings to generate a return. The precise tenure of the homes has yet to be determined.
L&G says the regeneration of the disused site, near Bristol Temple Meads railway station, will “focus on social inclusion through affordable housing, training and employment opportunities.” It is designed to complement the wider “Temple Quarter” partnership, which includes Bristol City Council, the University of Bristol and Network Rail
Temple Island will be designed by Zaha-Hadid Architects (ZHA) and will be heated by a District Heating Scheme provided by Bristol City Council and the buildings will target a minimum of BREEAM Excellent status.
Marvin Rees, mayor of Bristol said: “This development is a step forward in our commitment to stretching targets on affordable homes as well as a balanced response to the linked and fundamental challenges of housing, jobs and climate.
Legal & General says it has invested more than £30bn into major urban regeneration schemes to date.
Nigel Wilson, chief executive of L&G said: Our investment partnerships in cities such as Oxford, Manchester, Cardiff and Newcastle are already delivering at pace, and likewise our vision for the Temple Island will deliver a much-needed new quarter in Bristol.