£350m private investment in Temple Island to deliver ‘much-needed boost’

Legal & General (L&G) is set to press ahead with plans for Temple Island after agreeing details of a £350m investment in the site.

The asset management company that first revealed proposals for the derelict patch of land in 2018 is due to launch the first phase of a public consultation over the coming months, with bosses saying they want to “develop a shared vision”.

Mayor Marvin Rees has welcomed the step forward in the plans that will incorporate a conference centre and exhibition space, a 345-room hotel, 550 new homes (including 220 new affordable) and two office buildings.

He said the regeneration of the site once earmarked for Bristol’s arena will “deliver a much-needed boost to jobs and economic growth” as the city rebuilds in the wake of the pandemic.

In January 2020, details about the controversial deal were accidentally released by Bristol City Council, revealing that the much-vaunted hotel and conference centre, which would be built in the second of two phases of the project, may not even happen.

L&G first revealed a vision for Arena Island in 2018 – image: Legal & General

Bristol City Council and L&G forged a “strategic partnership” to progress the development, which – as things currently stand – will involve using public money to underwrite the costs of the office buildings.

Responding to concerns about a possible risk to public money because of the shift to home working in February, Rees said he was pretty confident of the robustness of the market.

Announcing the terms of the £350m investment have been agreed on Monday, L&G bosses said they want to see the site transformed into “a vibrant new urban quarter, with a focus on social inclusion through affordable housing, training and employment opportunities”.

Temple Island is the largest undeveloped site within the Temple Quarter Enterprise Zone – photo: Martin Booth

Nigel Wilson, CEO of L&G, said: “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 startup companies coming out of the university.”

The company says it will shortly be launching the first phase of public consultation and wants to understand the aspirations of residents, businesses and community groups for the site. Further details of the consultation are promised over the summer.

Marvin Rees says development of Temple Island will “deliver a much-needed boost to jobs and economic growth” – photo courtesy of Legal & General

The proposed scheme will be heated by a district heating scheme provided by Bristol City Council and the buildings will target a minimum of BREEAM Excellent status.

Rees said: “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.”

Main photo: Martin Booth

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