Planning permission has been secured for a “once-in-a-generation” £550 million redevelopment scheme in Bristol city centre.
Inside the deal: global real estate investment manager LaSalle and development partner, Bristol-based, Deeley Freed have secured outline planning permission for the development of The Galleries Shopping Centre.
Located next to Castle Park in Bristol City Centre and near Temple Meads station, the scheme aims to unlock Bristol City Council’s plans to regenerate the city centre.
In September, planning permission was secured for a major Bristol Regeneration scheme at Bristol’s Temple Quay.
Meanwhile, in October, developer Olympian Homes secured funding to build what is set to be Bristol’s tallest building – a 442-bed Purpose Built Student Accommodation..
The surrounding infrastructure will undergo ‘significant’ enhancements, become greener and more pedestrianised, while facilitating the delivery of a low-carbon District Heat Network.
Designed by AHMM, the plans include up to 450 new homes and 8,000 sq m of ground-floor space for retail, leisure, dining, health, and community facilities.
It will also feature:
- Around 46,000 sq m of employment space
- Potential for a 240-room hotel or aparthotel
- Up to 750 purpose-built student bedrooms
- 1.5 acres of high-quality public realm
- New green transportation hub
The redevelopment will also preserve the Merchant Almshouses and Greyhound Hotel, currently obscured by the Galleries structure, into the new design.
Max Freed, director at Deeley Freed, said: “It is a once-in-a-generation chance to re-invent, revitalize and modernize such a large part of the city centre.
“Our vision involves completely transforming this 1980s shopping centre, making the site more diverse, safe and sustainable.
The redevelopment of this site will bring more people to live and work in the city centre, accelerating the regeneration of the area.”
Tom Lewis, fund manager of UK custom accounts at LaSalle Investment Management said: “We’re committed to investing for the long term and this ambitious redevelopment scheme demonstrates our ability to create value and better meet the needs of future residents, occupiers and visitors.”
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