Yarlington Housing Group is working with property developer Cubex to deliver 66 affordable homes as part of the second phase of Finzels Reach in Bristol, one of the largest mixed use developments in the south west.
The 66 affordable homes will be in a building known as Coopers Court and will consist of 48 homes for social rent and 18 for shared ownership. The homes will share a communal roof terrace and will be connected to Bristol’s district heating system for better energy efficiency and a lower carbon footprint.
Stephen Lodge, Yarlington’s Executive Director of Growth and Development added:
“We are really pleased that Yarlington is able to collaborate on such a substantial project in the heart of Bristol and contribute further to meeting the city’s housing need. These homes will help to meet the aspirations of Bristol’s growing population as well as making affordable housing achievable for local people in the city centre. The development also fits well with our plans to develop on disused sites to help ease pressure on an expanding city.”
Gavin Bridge, Executive Director at Cubex, says:
“We have worked very hard over the past two years with our team to produce a set of high quality designs that delivers real benefits for Bristol – much-needed homes, including over 20% affordable which is in line with the Council’s policy and new leading-edge office space to support our economy and attract and retain the very best businesses. We’ll also be making a major investment into the area surrounding the site to make it much more attractive place for people to spend time and to connect it much better with its surroundings.”
Cubex bought the former fire station site on behalf of Palmer Capital Development Fund IV (PCDFIV), a programmatic venture by Palmer Capital that is exclusive to clients of CBRE Global Investment Partners (CBRE GIP).
By the end of the year, 2,500 people will live or work at Finzels Reach. The plans for phase two of Finzels Reach will increase that total to 3,300 people, with an investment value of £400M in total.
In total there are plans to deliver 297 homes in the next phase of development, including 231 build-to-rent apartments and a modern office building for around 1,100 workers. Grainger plc will buy and operate the 231 build-to-rent apartments.
Finzels Reach sits on the former headquarters of Avon and Somerset Fire and Rescue Service and is a major regeneration project on a derelict, brownfield site on Bristol’s harbourside. In addition to the new homes a £2.4 million investment will be made to improve community facilities, services and infrastructure. This will include dedicated cycle and pedestrian routes as well as landscaping to create green public areas.
Work on the new homes will start at the beginning of 2020 and is due for completion at the end of 2022.
Alongside homes at Finzels Reach, Yarlington has been working on delivering affordable housing across Bristol including 75 homes at Castle Park View and 31 homes for affordable rent at the former Speedwell swimming baths. The new homes are part of Yarlington’s Next-Gen corporate strategy which commits to building 500 homes in Bristol.