AEW is exploring plans for a residential-led development of up to 350 homes at Hengrove Leisure Park in Bristol.
The investor acquired Hengrove Leisure Park from Aviva for £13.9m in 2018 for the AEW UK Core Property Fund.
AEW is pursuing a “beds” strategy through development of weaker retail and leisure assets, taking advantage of market opportunities.
It is exploring demolition of the cinema and bingo hall at the 87,873 sq ft scheme, currently occupied by Cineworld and Gala Bingo, to be replaced with townhouses and flats.
Development would see a maximum height of five storeys at the 17-acre site. AEW will retain the fast-food units currently occupied by McDonalds and KFC and will also add 17,760 sq ft of food and beverage space on the ground floor.
The site has been considered to be suitable for residential development in the city’s previous local plan review, with a minimum of 150 homes, subject to masterplanning.
AEW’s UK Core Property Fund was valued at £269.8m at 30 September. The open-ended fund holds a mix of commercial assets, weighted towards industrials at 42%, with 14.3% standard retail.
The site is adjacent to Kier’s 261-home Hengrove Park. Bristol City Council is also seeking a development partner to deliver 1,435 homes at its 120-acre Hengrove Park development, which received planning consent earlier this year.
The area has a mix of business parks and retail parks, as well as suburban housing.
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Photo from AEW
