Bristol Alliance, the joint venture between Land Securities and Hammerson, has cleared the final planning hurdle ahead of its £500m expansion of Bristol’s Broadmead shopping area.
The Office for the Deputy Prime Minister has now formally approved Bristol council’s application to issue CPOs on land and buildings within the 37-acre area.
It clears the way for the Alliance scheme, which includes 265,000 sq ft of offices in five buildings, as well as private and affordable housing.
There will also be 1m sq ft of shops and leisure, including a 192,000 sq ft department store occupied by House of Fraser and more than 120 other shops.
The ODPM decision follows a month-long planning inquiry last summer which considered the ownership of a number of properties.
A decision had been expected earlier this year, but was delayed until the General Election was over
Bristol Alliance project director Philip Vaughan said he expected demolition work to start this summer with the scheme on course for completion by September 2008.
“We have secured agreement from well over half of Broadmead’s existing premises to acquire space in the new scheme, which is excellent progress,” he said.
The decision, however, is a blow to Ridgeland Properties, owner of the 120,000 sq ft Tollgate House, off Newfoundland Road at the gateway to the development which had been one of the council’s most active opponents.
Ridgeland, which had acquired Tollgate House for £3m and was planning a residential conversion of the office building, was the highest-profile objector at July’s CPO inquiry.
The Irish-based developer was unavailable for comment but sources believe it has since placed a £20m value on Tollgate House.
The final compulsory purchase figure, which will be decided by a Land Tribunal, is expected to be considerably less.
Hartnell Taylor Cook is advising Bristol Alliance.
References: EGi News 24/05/05
