Four-way partnership deal to create 375 new homes in Bristol city centre
- Inspirational new building developed by Linkcity will become Bristol’s tallest residential tower
- M&G Real Estate to finance 300 high quality homes specifically designed for private rent
- 75 affordable residences to be owned and managed by Yarlington Housing Group
A deal has been signed to develop a landmark 26-storey residential tower in Bristol City Centre providing 375 new homes on the site of a former ambulance station as part of major regeneration plans.
Property developer Linkcity has signed agreements with Homes England, Bristol City Council, M&G Real Estate and Yarlington Housing Group to deliver the 180,000 sq ft scheme overlooking Castle Park, which will be known as Castle Park View.
The project is being led by government housing agency Homes England on brownfield land it owns jointly with Bristol City Council. The deal follows extensive work by the housing agency, the council and Linkcity to develop the site. Designed by architects Chapman Taylor, work will begin in January, with Bouygues UK as the main contractor and completion anticipated in 2022.
Linkcity is developing the scheme from its Bristol office. Long-term investors in the south-west, M&G Real Estate, will own and manage 300 one and two-bedroom private rented sector homes apartments as part of its UK residential property fund managed by Alex Greaves. Yarlington Housing Group will take ownership and operational oversight of the remaining 75 affordable homes, comprising one, two and three-bedroom apartments.
Linkcity’s Managing Director, Nicolas Guérin, comments: “Reaching financial close on this fantastic city-centre project is a great achievement for Linkcity, paving the way for the regeneration of a brownfield site into high-quality new homes for Bristol. Having completed major schemes across the UK, we are experienced at working with local councils and multiple partners to maximise the potential of disused sites and are really pleased to be collaborating with M&G Real Estate, Yarlington, Bristol City Council and Homes England on this exciting development.”
Mayor of Bristol, Marvin Rees, says: “We have been working together with Linkcity and Homes England for some time with the shared ambition of seeing this complex site turned into a landmark development that delivers new homes that our city desperately needs. By working together, we have been able to increase the amount of affordable housing on the site from 12% to 20%. This is an important milestone and we look forward to construction starting soon to bring this project to life.”
Kelly Hillman, Senior Specialist Public Sector Land at Homes England, adds: “Castle Park View is a great example of what Homes England can do with its partners when it intervenes in the housing market. It showcases good design by bringing an inspiring new building to Bristol on a challenging public-sector land site. It also demonstrates our commitment to diversify the housing market with the delivery of a private rented sector product alongside affordable homes.”
Stephen Lodge, Executive Director of Growth & Development at Yarlington says: “It’s great to be working with Linkcity to bring much-needed affordable homes to this very central and sustainable location in the city. This project is the culmination of a truly collaborative approach by the different parties involved, and together we are working to help solve the housing crisis.”
Alex Greaves, Head of Residential Investment at M&G Real Estate, concludes: “This deal offers a strong opportunity to take advantage of a constricted supply pipeline and the considerable demand for high-quality rental accommodation in the city. Bristol is seen as a gateway to business in the south west and with a burgeoning creative sector, there is a real need to provide good quality, accessible housing with the flexibility that this development will offer.
“This sits perfectly with our fund’s strategy, which focuses on high quality, well-located sites near transportation and employment with strong rental growth potential. We look forward to working with Linkcity to deliver these homes and to the prospect of continuing the partnership on new opportunities.”
Images © Chapman Taylor
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