Malaysian conglomerate YTL is under offer to buy BAE Systems’ Filton Airfield in Bristol for close to £70m.
The airfield is one of the most significant brownfield sites outside the capital. Last month South Gloucester council approved plans for an £800m residential-led redevelopment.
The plans include 2,675 homes as well as a 9,700 sq ft employment hub, a 120-bedroom hotel, schools and a 70-bed care facility.
Two museums, one of which will house Concorde 216, which has been located at the site since its last flight in 2003, also form part of the proposals.
Filton played a large part in designing and building Concorde and the airfield has been called the birthplace of British aviation.
The deal, which could be announced as early as next week, marks YTL’s first entry into the Bristol property market.
It is best known in the UK for its luxury hotel arm and as the owner of south-west water treatment firm Wessex Water, which it bought for £1.2bn in 2010.
YTL beat underbidders including Barratt Developments, St Modwen and Taylor Wimpey.
The residential redevelopment of Filton forms part of a larger local authority initiative to deliver 5,700 homes over the next decade in the Cribbs/Patchway area on the northern outskirts of Bristol.
Contributions from developers totalling £60m will be used to fund the construction of new roads and a new train station, which would form part of the proposed Henbury Loop line.
BAE Systems closed the 350-acre Filton Airfield in 2012 as it was deemed no longer viable. Shortly after the closure, Bridgehouse Capital agreed a £120m deal to develop the site with BAE. However this fell through in April 2014.
Alder King advised BAE on the sale.
