Bristol City Council secures £350m investment from Legal & General for Temple Island Regeneration
Legal & General has agreed terms 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 could support the creation of 2,000 new jobs
Using the UK’s pensions and savings to drive economic growth in the region - post-COVID - Temple Island will complement the wider “Temple Quarter” partnership, which includes Bristol City Council, the University of Bristol and Network Rail. Legal & General is already a significant investor in Bristol, having committed £310 million 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 Temple Island 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. As part of its commitment to tackle the growing climate crisis, Legal & General’s scheme at Bristol Temple Island will be heated by a District Heating Scheme provided by Bristol City Council and the buildings will target a minimum of BREEAM Excellent status.
Following the agreement of terms, Legal & General will be launching the first phase of its public consultation on the plans for Temple Island.
Further details about the initial phase of public consultation will be released over the summer.
Nigel Wilson, CEO of Legal & General, said: "Our investment partnerships in cities such as Oxford, Manchester, Cardiff and Newcastle are already delivering at pace, and likewise our vision for the Temple Island will deliver a much-needed new quarter in Bristol. The conference centre will attract delegates from around the world, whilst the offices and affordable homes will meet an urgent local need and support new ways of living, post-pandemic.
"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. The development in Temple Quarter will deliver affordable homes that will play a significant role in bringing people and families to the city centre, within easy active-travel access to jobs and leisure. 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."
