Cubex has agreed deals with Grainger and housing association Yarlington Housing Group to buy and operate the build-to-rent and affordable homes, respectively, at its Finzels Reach mixed-use scheme.
The plans by the Bristol developer for the former headquarters site of Avon & Somerset Fire and Rescue will deliver 297 homes, including 231 build-to-rent flats and more than 20% affordable homes. The firm also proposed to build an office building for around 1100 workers.
EG reported in July that the firm and investment manager Palmer Capital were seeking £65m for the development.
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 also in place for the speculative office building from investment partner Palmer Capital and Bristol-based Wring Group has 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 25 September.
The regeneration project marks the next phase of Finzels Reach, a new neighbourhood already created out of a derelict, brownfield, city centre site on Bristol’s harbourside.
Gavin Bridge, executive director of Cubex, said: “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 are 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.”
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