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Bristol City Council agrees to continue partnership with L&G for 500-home scheme
Bristol City Council has agreed to continue its partnership with asset manager Legal & General (L&G) to build 500 homes, as well as office space, a hotel and new public realm, on a major site in the city centre.
The council’s cabinet agreed to continue the partnership with L&G to take forward the Temple Island site at a meeting on Tuesday night after months of discussions about how to achieve the best value for money for the land.
Until last year the site had been earmarked for an arena scheme, but it was scrapped in September despite the council spending around £12m on clearing and preparing it for a concert venue.
Since then discussions have been going on behind the scenes to draw up plans for a mixed-use development, although no further details had been released until this week’s cabinet papers were published.
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The council said there has already been some interest from prospective hotel and conference facility operators and that discussions between them and L&G have been scheduled.
Of the 500 homes planned for the site, 40% will be affordable, contributing to the council’s ambition to build 2,000 homes each year by 2020.
Last night’s meeting served to give the green light for the local authority to continue discussions with L&G so a legal agreement regarding the site can be reached, and to make the asset management firm its strategic partner.
The partnership, which will run for five years, is a non-legally binding agreement between the council and L&G which sets out objectives for the project, including delivering a scheme that meets the council’s affordable housing policy.
The council also plans to dispose of the Temple Island site to L&G via a lease agreement.
Writing on Twitter after the meeting, Pete Gladwell, head of public sector partnerships at L&G, said: “Look forward to creating a fantastic place on Temple Island that really serves the needs of the city. Much to do, but a great step forward.”
The news of the deal comes a month after L&G released it first wave of homes through its new affordable housing business, which secured registered provider status last year. The 278 homes are available across four sites in Cornwall, Croydon, Essex and Oxfordshire.
