Bristol Temple Island redevelopment deal completed

The development will involve two "major Grade A" office blocks

A deal that will see hundreds of homes and offices built has been completed.

Bristol City Council has finalised agreements with Legal and General (L&G), meaning the redevelopment of Temple Island can go ahead.

L&G will invest £350m to transform the disused space in Bristol City Centre - land that was formerly earmarked for an arena.

The redevelopment will include two office blocks, 550 apartments, a 345-room hotel and a conference centre.

As part of the deal L&G will be guaranteed rent on the office space for 40 years.

In return, Bristol City Council will spend £32m getting the derelict plot ready, including sorting contamination issues, before leasing Temple Island to the asset management firm for 250 years, according to the Local Democracy Reporting Service.

Temple Island is part of the wider Temple Quarter and St Philips regeneration to create 22,000 jobs and up to 10,000 homes.

The plans will transform the disused site near Temple Meads railway station

A notice published on the authority's website earlier this month said executive director of growth and regeneration had now made the final decision to "enter into conditional disposal" of the land to L&G on a long lease.

The decision notice said: "The agreement contains various conditions which would have to be satisfied for the lease to be granted.

"Phase 1 consists of residential buildings and Grade A office space and Phase 2 consists of a hotel and conference centre and further homes and office space.

"The economic benefits of the proposed arrangements significantly outweigh the public cost."

Four years ago, city mayor Marvin Rees abandoned council plans for a major concert venue at the site, then known as Arena Island, and moved the project to Brabazon Hangars in Filton.