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.”
Henry Columbine / Laurence Hill
Newgate Communications 020 3757 6890
For M&G Real Estate:
Josh Owens / Danielle Dove
Redwood Consulting 020 7828 5553
Notes to Editors
• Linkcity is the property development company of Bouygues UK.
• Being part of the Bouygues group enables Linkcity to combine global strength with a local focus
• Linkcity has around 20 developments across the UK, with a gross development value in excess of £1.3 billion.
• It develops across all sectors, including residential, commercial, retail and leisure, mixed-use, student accommodation and regeneration projects.
• Linkcity creates vibrant, connected places that aim to improve the quality of life of the people who live, work or spend time in them.
• It focuses on people, places and planet to create sustainable developments that contribute to healthier and happier lives, more resilient communities and a better world for future generations.
• Further information is available at www.linkcity-uk.com.
About M&G Prudential and M&G Investments
M&G Investments is part of M&G Prudential, a savings and investment business which was formed in August 2017 by our parent company, Prudential plc and has £351 billion of assets under management. M&G Prudential has over 7 million customers in the UK, Europe and Asia, including individual savers and investors, life insurance policy holders and pension scheme members.
M&G Prudential is set to demerge from Prudential Plc to become an independent company listed on the London Stock Exchange.
For nearly nine decades M&G Investments has been helping its customers to prosper by putting investments to work, which in turn creates jobs, homes and vital infrastructure in the real economy. Its investment solutions span equities, fixed income, multi asset, cash, private debt, infrastructure and real estate. M&G recognises the importance of responsible investing and is a signatory to the United Nations Principles for Responsible Investment (UNPRI) and is a member of the Climate Bonds Initiative Partners Programme.
Its £30 billion property arm, M&G Real Estate, is a leading financial solutions provider for global real estate investors, has a sector leading approach to responsible property management and is committed to continuously improving the sustainability performance of its funds.
For more information, please visit: www.prudential.co.uk/businesses/mandg-prudential
About Bristol City Council
For more information, please visit: www.bristol.gov.uk.
About Homes England
Homes England is the Government’s housing accelerator. We have the appetite, influence, expertise and resources to drive positive market change. By releasing more land to developers who want to make a difference, and investing in places of greatest need, to deliver new homes. Homes England welcomes partners who share their ambition to challenge the traditional norms and build better homes faster.
For more information visit: www.gov.uk/government/organisations/homes-england or follow us on Twitter.
About Yarlington Housing Group
Yarlington is an award-winning, not-for-profit community benefit society, which manages over 10,000 homes across Somerset, Dorset and Devon.
With ambitions to help end the housing crisis, Yarlington’s Next-Gen strategy lays out a commitment to build 1,500 new affordable homes by 2021, which includes expanding development into Bristol.
Yarlington also offers opportunities for customers with services dedicated to education, employment, money management and training, along with a commitment to com