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L&G’s £350m regeneration scheme in Bristol receives approval
Legal & General (L&G) has received planning permission to develop a £350m regeneration scheme in Bristol.
Legal & General has received planning permission to develop a £350m regeneration scheme in Bristol #UKhousingThe Temple Island regeneration scheme will transform a former diesel depot site near Temple Meads in the wider Temple Quarter regeneration zone.
It will include up to 520 homes, two office buildings, retail and flexible commercial space, as well as a 164-room hotel with conference facilities.
The scheme will sit between the Bath Road and the River Avon, and create new connections between south Bristol and Bristol Temple Meads station, the new University of Bristol campus and the wider Temple Quarter area.
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The asset manager described the approval as “a critical step” towards unlocking the long‑vacant brownfield site, with the masterplan designed by Zaha Hadid Architects.
“Our track record in delivering major regeneration schemes in cities such as Newcastle, Cardiff and Sheffield, together with our strong public sector partnerships, enables us to drive forward place‑based developments that support local needs while delivering for pension savers across the country,” L&G said in a statement.
“The scheme comes forward at a time when development viability across the city is under pressure, and we welcome the Local Planning Authority’s recognition of the substantial benefits Temple Island will deliver: supporting new jobs, enhancing the public realm and contributing to the wider regeneration of Temple Quarter.”
Last month, L&G bought 200 affordable homes at a south London regeneration scheme being built by Dubai-headquartered developer Arada. The investment firm bought the affordable housing element of the Devonshire Place scheme in Southwark in a £46m forward-funding deal.
In February, a joint venture between L&G, a Dutch investor and a UK pension fund bought a site in south London to develop a 700-home build-to-rent (BTR) scheme. It acquired the Lambeth Hospital site from the NHS to build a £350m development, including private housing and homes for social rent.
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