Artist’s impression of Hengrove Park development. Image courtesy of Bristol City Council.
Hengrove Park will be the first housing scheme to benefit from a new £33m fund which will support the development of new homes and employment sites across the region.
On Friday 4 December, the West of England Combined Authority (WECA) agreed to allocate £21m to create a new Development Infrastructure Fund to invest in housing and economic development.
The investment is with the aim that funds are repaid in whole or part depending upon each application.
Bristol City Council’s Hengrove Park housing development will see the delivery of 1,435 new homes (30 per cent affordable).
The number of homes was reduced from 450 following residents’ concerns about loss of green space.
The scheme will also include 2,000m2 of new employment, commercial, retail, education and community space – as well as a public park and sports pitches.
The WECA Committee allocated £12m for the Hengrove development for enabling works and earmarked a further £7.8m beyond March 2023 – with £5m to be repaid by the council.
The funding will also be used towards costs for infrastructure for the scheme – including improved highways, walking and cycling routes – and possibly sustainable drainage and a low carbon energy solution.
West of England Mayor, Tim Bowles, said: “This investment will help make sure much-needed homes are built more quickly. We need more homes for our residents to buy and rent – in the right places and at prices people can afford.
“Creating funds like this to redevelop key sites such as Hengrove Park will benefit the whole region…
“We’re making real progress and getting the job done to help secure our region’s recovery and future.”
The Mayor of Bristol, Marvin Rees, said the decision was “a major step forward for the Hengrove Park project.”
He said: “The funding will enable us to bring forward the new homes and the wider redevelopment at a faster pace, and deliver the economic benefits of the scheme earlier.
“The redevelopment of Hengrove Park, which has a gross development value of £300 million, will deliver huge economic benefit to the West of England economy including 547 jobs per annum over the 25-year period, contributing to the post-Covid economic recovery of South Bristol and benefitting the whole city and the city-region for years to come.”
WECA is also allocating £2m to unlock more sites for housing and employment opportunities – hoping to attract further investment into the region.
In addition, the WECA Committee agreed to increase the allocation for the Land Acquisition Fund by £8m. A further 2m will be to support “strategic masterplanning projects” which will include Parkway Station.