Verve Properties and Crest Nicholson have formed a joint venture to bring forward the third phase of the 12-acre Paintworks scheme in Bristol.
The pair will develop a £55m phase comprising 221 flats, 61,700 sq ft of commercial space, 5,000 sq ft of shops and leisure and 11 live/work units.
The BBC will also expand its presence at Paintworks, with more studio space in phase three. It already occupies 58,000 sq ft in the second phase.
The project will be the first to be undertaken within Bristol’s enterprise zone when work begins later this year.
Some 140,000 sq ft of space has already been developed at the former Victorian paint factory.
Verve director Ashley Nicholson said: “Our partnership with Crest Nicholson provides us with the specialist skills to deliver the substantial residential element to consolidate our vision to create a new community in this previously derelict piece of land.
“Having created the destination and active employment, it is logical to bring people in to ?live on a greater scale than previously.”
Savills is residential letting agent on the scheme; Alder King is the commercial agent.
samantha.mcclary@estatesgazette.com
