Over 500 new homes and 1,500 new jobs will be generated as plans for the redevelopment of the disused Temple Island site are revealed.
As well as regenerating the land which has stood untouched for 40 years, the scheme will also provide Bristol’s economy with a projected £832m boost over the next two decades while delivering a substantial number of affordable homes.
Alongside investment from Legal and General, £32m of public money will be invested to achieve the plans which also include office space to bring in annual rental revenue of £1.69m, and over £1m annually in business rates and council tax rates for Bristol City Council.
Bristol Mayor, Marvin Rees, said the scheme is a win-win for Bristol citizens by tackling four problems in one.
“This is a fantastic chance to bring a redundant piece of land back to life and provide jobs, homes and an economic boost in the heart of the city that all Bristol citizens will benefit from. With these plans we can continue to develop a vibrant Temple Quarter, close to the city centre, where homes, work and leisure combine to be a place that Bristol can be proud of.
“This is a real example of us making business decisions and using available resources in the most responsible way so we can continue to provide the services that our citizens expect and deserve.
“This is why we will work with Legal and General to deliver this scheme so we can off-set any risk to the public purse. L&G bring with them investment, financial backing and a wealth of experience and have a track record of delivering similar schemes in Newcastle, Leeds and Cardiff which have reaped rewards for those cities. This is just the kind of scheme Bristol needs to deliver”
The Temple Island development proposal includes:
- Up to 500 homes to rent and buy, with a target of 40% affordable so more local people can live in the heart of the city
- A state-of-the-art conference centre
- A 350 bed hotel with potential for a roof top sky bar with views across the city
- High standard office space to support the ever-present demand from local businesses and businesses looking to establish themselves in Bristol
- New public spaces, shops and restaurants creating a new city centre area where people can socialise and relax
- Easy connections to Temple Meads, the University of Bristol Enterprise Campus, neighbouring communities and the local transport network.
Temple Island sits alongside the Temple Quarter/St Philip’s regeneration and showcases real progress in the plans to transform this area of the city.
Following the demolition of the old Royal Mail Sorting Office on Cattlemarket Road the site has been sold to the University of Bristol which is building the new Temple Enterprise campus, a world class teaching, research and innovation space for 800 staff and 3,000 students.