Legal & General announces that it has agreed terms
with Bristol City Council to invest £350m into Bristol Temple Island,
transforming the disused site into a vibrant 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.
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 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.
Legal & General’s new development will bring forward
a resilient city centre offer in the face of current structural changes in
working, retailing and leisure. 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.
Since the onset of the pandemic, Legal & General has
stepped up its commitment to supporting the UK’s economic and social resurgence
by committing significant capital towards the levelling up agenda. This year
alone, it has deployed over £2bn into transformational schemes, such as its new
innovation district; ID Manchester, and into urban regeneration projects such
as Bristol Temple Island. In partnership with forward thinking universities and
local authorities, Legal & General has now invested over £30bn into major
urban regeneration schemes in areas such as Manchester, Oxford, Cardiff and
Newcastle, using the UK’s pension and savings to drive the economic recovery in
these cities.
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."
