Legal and General has announced that it has secured an agreement with Bristol City Council to invest £350m into Bristol Temple Island, transforming the disused site into a new urban quarter.
With a focus on social inclusion through affordable housing, training and employment opportunities, Temple Island will support the city’s plans to build back better and back the creation of 2,000 new jobs.
The insurer is already a significant investor in Bristol, having committed £310m to nearby Build to Rent and modular housing schemes, alongside commercial real estate, such as a Civil Service hub and the Quayside Bristol office development.
The new scheme will enable the growth and innovation stemming from the University’s neighbouring new Innovation Campus by providing incubator space, affordable housing and new employment opportunities for the local knowledge economy.
Designed by Zaha-Hadid Architects (ZHA), Temple Island will include a large capacity conference centre and exhibition space, a 345-room hotel, 550 new homes (including 220 new affordable homes) and two major Grade A office buildings.
Nigel Wilson, CEO of Legal and General, said: “We have been attracted by Bristol City Council’s commitment to become a “city for all” aligning with our ambitions to level up across UK regions and cities, using the power of pensions.
“Alongside, we firmly believe this development offers a perfect complement to Bristol University’s new Innovation Campus, providing space to incubate new talent and start up companies coming out of the university”.
Marvin Rees, mayor of Bristol, added: “This investment is welcome to deliver a much needed boost to jobs and economic growth in Bristol as we recover from the pandemic.
“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. We are delighted to be delivering through collaboration with our key partners, Legal and General, alongside the University of Bristol and Network Rail”.