Local developers Cubex are poised to start work on the second phase of Finzels Reach this autumn, after agreeing deals with specialist operator Grainger and with housing association Yarlington Housing Group, to buy and operate the build-to-rent and affordable homes, respectively, on the mixed-use scheme.
The Section 106 agreement, which covers additional improvements to infrastructure and the local community facilities to be funded by the development, has now been agreed with council planning officers. Funding is in place for the speculative office building from investment partner Palmer Capital and the Bristol-based family run company Wring Group have been lined up to start the demolition.
The final proposals have been submitted by Cubex for planning permission and are set to be decided by Bristol City Council at its planning committee meeting on 25th September, the final step before work can start.
The major regeneration project marks the next phase of the award-winning Finzels Reach, a new thriving neighbourhood already created out of a derelict, brownfield, city centre site on Bristol’s harbourside.
Gavin Bridge, executive director of Cubex said: “We are firmly focused on delivering much-needed homes and business space to support our economy through regenerating this neglected city centre site.”
“There are too many stalled sites in Bristol which have planning consent but are not being built out and with the current economic uncertainty, many business decisions are being put on hold. But the success of Finzels Reach, coupled with our existing relationships with funders and operators, have enabled us to get partnerships in place so we are in position to start work straight away, should we get planning consent later this month.
“Getting the Section 106 agreement sorted provides certainty about delivering the 20% affordable homes in the scheme, as well as the improvements to the surrounding area and transport infrastructure.
“We worked with Grainger on the build to rent homes in the first phase of Finzels Reach, which have let extremely well, demonstrating the strong demand in Bristol for this new type of high quality, long term rental model. We’re also very pleased to be working with Yarlington on the 20% affordable homes which will help meet a pressing need for social housing in our city.”