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
21 Jun 2021
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 in 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.
Following the agreement of terms, Legal & General will be launching the first phase of its public consultation on the plans for Temple Island. Over the coming months, Legal & General wants to understand residents, businesses and community groups’ aspirations for the site and together develop a shared vision for this important part of the city.
Legal & General is committed to engaging widely with the local community as it starts to develop the plans for Temple Island beyond this initial high-level agreement with Bristol City Council.
Further details about the initial phase of public consultation will be released over the summer.
Nigel Wilson, CEO of Legal & General: "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."
Marvin Rees, mayor of Bristol: "This investment is welcome to deliver a much needed boost to jobs and economic growth in Bristol as we recover from the pandemic. The development in Temple Quarter will deliver affordable homes that will play a significant role in bringing people and families to the city centre, within easy active-travel access to jobs and leisure. This development is a step forward in our commitment to stretching targets on affordable homes as well as a balanced response to the linked and fundamental challenges of housing, jobs and climate. We are delighted to be delivering through collaboration with our key partners, Legal and General, alongside the University of Bristol and Network Rail."
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
*as at HY 2023
Legal & General Capital (LGC) is Legal & General Group’s alternative asset platform, creating assets for Legal & General Retirement and third-party clients in order to achieve improved risk-adjusted returns for our shareholders. LGC has built its capabilities in a range of alternative sectors, including in residential property; specialist commercial real estate; clean energy; alternative credit; and venture capital, which are all supported by long-term structural growth drivers, meet a financing gap and respond to a scarcity of supply that is underpinned by enduring societal needs.
Its purpose is to invest society’s capital for society’s benefit. Investing in the real economy and supporting the Group’s focus on climate and inclusive capitalism, LGC’s investments create jobs, change lives and contribute towards a net zero carbon future.
Legal & General has invested over £29bn in levelling-up regional economies, including through major UK-wide regeneration schemes and has recently made a commitment to enable all its new homes to operate at net zero carbon emissions from 2030.
*at 31 Jun 2021