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 regeneration project designed by Zaha Hadid Architects.
The institutional investor will develop the Temple Island scheme, which includes 550 new homes, of which 220 are affordable, 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, Bristol university and Network Rail.
The ZHA-designed Temple Island will be heated by a District Heating Scheme provided by the council and the buildings will target a minimum of BREEAM Excellent status.
Legal & General added that it has invested more than £30bn into major urban regeneration schemes to date, including Oxford, Manchester, Cardiff and Newcastle.